Islamabad: The Federal Board of Revenue (FBR) has announced releasing refunds worth PKR 56 billion to exporters through the Fully Automated Sales Tax e-Refund (FASTER) system – in a bid to assist exporters during the COVID-19 pandemic and help resolve their liquidity issues, a news source reported.
Reports indicate that since the introduction of the FASTER system
in July 2019, claims amounting to PKR 59 billion have been filed through it.
FBR has approved about PKR 56 billion – amounting to nearly 95% of the claims.
The government had introduced the FASTER system to quickly refund the due amounts to the exporters after the zero-rating system was abolished for five export-oriented sector.
In its previous meeting, the Economic Coordination Committee
(ECC) had sanctioned PKR 75 billion for FBR to issue the income tax refunds,
duty drawbacks and customs duties. Reportedly, these amounts will be refunded
to nearly 676,055 beneficiaries.
