FBR Instructs SBP to Issue Tax Refunds to Facilitate Exports

The Federal Board of Revenue (FBR) has issued an advisory statement to the State Bank of Pakistan to make payment of sales tax refunds, amounting to Rs 8,741 million, to facilitate the exports.

The payment will benefit 739 claimants from five export-oriented zero-rated sectors i.e. textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 refund payment orders issued up to 8th November, 2018.

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, 12th November, 2018.

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 an account number in IBAN format are requested to provide the same through their user ID on FBR’s web portal.

Furthermore, the Federal Board of Revenue is conscious of the problems being faced by the businesses on account of outstanding refunds and is working on plan to pay remaining outstanding refund claims at the earliest.