The Federal Board of Revenue (FBR) Tuesday announced a major facility for all types of exporters by allowing them to avail sales tax refund in 72 hours under the “FASTER” system.
The FBR has amended the Sales Tax Rules, 2006 through issuance of an S.R.O. 1507 (I)/2024.
From October 1, 2024, onwards, all exporters can enjoy speedy refund payment facility through the “FASTER”.
Prior to this new amendment, the expeditious refund facility was only available to five leading export-oriented sectors to avail refunds through the “FASTER” system. Now, the FBR has extended the scope of “FASTER” to all category’s exporters.
According to the new rules, this procedure shall apply to refund claims for the tax period from July 2019 and onwards, as filed by the exporters of five exports-oriented sectors, namely textile, carpets, -leather, sports goods and surgical instruments and also apply to refund claims filed from October 1, 2024, onwards by all the exporters on account of export of goods.
FBR only thinks of traders and exporters for tax refund. Has it ever thought of individuals whose tax refund has been pending for years?