Islamabad: The Federal Board of Revenue (FBR)’s Fully Automated Sales Tax e-Refund (FASTER) system has adjusted up to 75% (PKR 11 billion) of the total pending refund claims received by the taxation agency since August 2019, according to news sources.
These refunds of PKR 11 billion were issued against the claims of PKR 15 billion to five major export-oriented industries, following the government’s withdrawal of the zero-rated regime facility, through FBR’s automated system that eliminates the chance of human error and offers transparency. The tax authority declared that most of the refunds, including the encashment of refund bonds issued last year, were offered to exporters.
The five export-oriented industries include textile, carpet, sports goods, leather goods, and surgical equipment. The FBR collected PKR 61 billion during July 2019-November 2019 from these five sectors; as compared to PKR 6 billion collected from the same sectors in the corresponding period of Tax Year 2018-19. Of the additional collections made this year, PKR 23.6 billion were collected at the domestic front and PKR 32.3 billion at import stage.
The government also offered subsidy on gas and electricity to exporters after the imposition of 17% general sales tax on these export-oriented industries.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
