Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to Rs. 7,236 million to facilitate the exports.
The payment will benefit 898 claimants involved in exports of textile, carpets, leather, sports goods, surgical instruments, rice, food items, machinery and other items. The refund has been paid against 2,637 refund payment orders issued up 30 th January, 2019.
The refund payments shall be transmitted electronically to the respective bank accounts of claimants by the State Bank of Pakistan by the close of banking hours on Monday, 4th March, 2019.
The payments have been made to all those claimants of the aforesaid categories who had provided their bank account details in IBAN format. Those refund claimants who have not provided account number in IBAN format are requested to provide the same through their user ID on FBR’s web portal.
Further, Federal Board of Revenue is conscious of the problems being faced by the businesses on account of outstanding refunds and is working on a plan to pay remaining outstanding refund claims by issuing bonds after the passage of Finance Supplementary (Second Amendment) Bill, 2019, which is presently under approval of National Assembly.
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