The Federal Board of Revenue (FBR) has cleared Rs. 22 billion sales tax refunds for 8,415 Refund Payment Orders (RPOs) through bonds and tax adjustments from May 30, 2018, to September 6, 2019.
This was disclosed in recent a tweet by the Advisor to Prime Minister on Finance and Revenues Dr. Abdul Hafeez Shaikh. It stated that the government (FBR) cleared Rs. 15.6 billion today in sales tax refunds against 8,415 Refund Payment Orders (RPOs) to enhance the liquidity of business & economic activity in the country.
This is on top of Rs. 5.4 billion refunds cleared as bonds and adjustments, the tweet added.
The Govt (FBR) has cleared Rs 15.6 billion today in Sales Tax refunds against 8415 Refund Payment Orders (RPOs) to enhance the liquidity of businesses & economic activity in the country.
This is on top of Rs 5.4 billion refunds cleared as bonds & adjustments.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) September 11, 2019
The cleared refunds were related to exporters as well as non-exporters, but, a major chunk was cleared for non-exporters by Wednesday. FBR has written to its field formation to clear pending refund claims of all types of taxes especially sales tax and income tax, sources said.
Under the new system, FBR encourages exporters to submit their claims in form Annex-H at the earliest so that their claims can be processed and paid on time.