Prior to March 21st: FBR issues all refund claims of exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued all sales tax refund claims of exporters which were created prior to March 21, 2024.

This is the second phase of speedy payment of refunds after issuance of refunds of Rs 65 billion to the exporters on March 3, 2024.

The FBR has paid refunds amounting to Rs369 billion during July-March (2023-24) as compared to Rs 254 billion issued during the same period last year.

March 3, 2024: FBR issues Rs65bn refunds to exporters

A tax expert said that it is not clear that how much amount of refunds has been issued to five leading export sectors and the remaining export industries which are not covered under the FASTER refund system.

Earlier, the FBR had issued all outstanding refunds as of March 3, 2024, to exporters amounting to Rs 65 billion.

The refunds issued to exporters will lead to better exports and an increase in the forex reserves of Pakistan. Trade bodies and export-oriented sectors have welcomed the move by the prime minister and said that the move will lead to economic prosperity and the creation of more jobs in the textile industry.

Copyright Business Recorder, 2024