Islamabad: Advisor to the Prime Minister on Finance Hafeez Shaikh recently directed the Federal Board of Revenue (FBR) to expand the FASTER tax refund system to also include sectors that are not zero rated, particularly those that have exhibited potential for growth — according to a news source published on September 28. The tax authority was further ordered to provide speedy returns to the said sectors.
The above decision was taken in a meeting that was held to review the progress of the tax refunds being made under the FASTER system — with the session chaired by Mr. Shaikh. On the occasion, the advisor stated that the number of sectors and industries that were receiving tax refunds should be increased.
Currently, the tax refunds are only being provided to five export oriented sectors, which include textile, carpets, leather, sports goods and surgical goods. Now, efforts are being made to expand this list to include other sectors of the economy as well.
