September 25, 2020

Government To Return Rs 22 Billion Sales Tax To Claimants

The FBR on Monday revealed that Rs22 billion of sales tax return claims were analyzed by the Fully Automated Sales Tax e-refund (FASTER) system on July 2019 and payments have been approved by the State Bank of Pakistan. The FBR added that the system is working efficiently and would benefit the export sector. Advisor to the PM on Finance Dr. Abdul Hafeez Sheikh said in his twitter account that such initiatives were taken to promote economic activity in the country and to provide liquidity support to the business. He further added that the government released the amount of Rs22 billion immediately after the Faster system analyzed the claimants return statements and an amount of Rs1.7 billion has also been released for income tax returns. However, FBR officials have said that the use of the FASTER system has not become common yet and only seven claims have been submitted to the system in August, whose payments have been made by the system.

The FBR had previously announced that the sales tax return process of the five main export industries, namely the sports goods, textile, leather, carpets and surgical goods would be completed within 72 hours of filing the claimants and the FASTER system was developed for this purpose.

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