ISLAMABAD: The Federal Board of Revenue (FBR) has advised State Bank of Pakistan (SBP) for payment of Rs12.5 billion refund against 3,261 RPOs issued up to August 31, 2017, through direct electronic credit to the claimants’ account.
The amount shall be so credited within 24 hours, said FBR statement issued here Tuesday.
The statement said that during a meeting with FBR management held in the Finance Division on October 26, the Minister for Finance and Revenue Senator Mohammad Ishaq Dar had issued directives for payment of sales tax refunds by October 31, 2017, against RPOs issued up to August 31, 2017.
The directives were aimed at facilitating the business and resolving the liquidity problem faced by refund claimants particularly exporters.
The statement added that the government had been able to contain the problem of refund pendency despite the increase in taxpayer population and increase in tax payments.
FBR had been trying to facilitate the businessmen so that they are encouraged to pay their taxes.
These refunds were being paid to all segments and sectors of registered persons including exporters, textile, etc.
With the aforesaid payment, FBR has paid sales tax refunds amounting to Rs 40 billion during the first four months of the current financial year, which is unprecedented. This step would substantially reduce the pendency of sales tax refunds, the statement added.
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