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Payment of sales tax refunds: FBR introduces new policy

The Federal Board of Revenue (FBR) has introduced a new policy on payment of sales tax refunds to expedite applications on first come and first serve basis. Chairman FBR Tariq Bajwa told reporters here on Wednesday at the FBR House that for the fist time a new policy has been adopted for payment of genuine and admissible sales tax refund claims taking into accounts practical issues.

In this regard, the FBR established a queue and repayments of refunds would be paid on first come and first serve basis. "We have placed a system to minimise discretionary powers," he added. The concept of queue has been introduced for payment of sales tax refunds. In this way, the applications received earlier would be given top priority. The transparency in the sales tax refund payment system would be ensured by giving priority to those applicants who have filed refund applications earlier as compared to new applicants.

He said that the FBR was also working on placing uniform evaluation system of different products of imports which would help treating same policy at clearing points in the same manner as there were complaints that in case of placing effective mechanism at one entry points the importers were used to clear their imports from any other point. Responding to a query on the golden handshake scheme for FBR employees, Tariq Bajwa stated that the FBR is not considering any Voluntary Severance Scheme (VSS) or golden handshake scheme. He dispelled impression that the FBR is drafting any golden handshake scheme.

Copyright Business Recorder, 2013



 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
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Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln