Islamabad: The Federal Bureau of Revenue (FBR) recently announced its issuance of PKR 51.5 billion in refunds since July 2019 through its Fully Automated Sales Tax E-Refund (FASTER) System, a news source reported.
As per the publication, the exporters and businesspersons had filed claims for PKR 64.5 billion since July 2019 through the FASTER System. The bureau processed refund cases worth PKR 57 billion and issued refund payments of PKR 51.5 billion to exporters and businesspersons. The remaining funds were not paid as the exporters and businesspersons did not provide all the necessary data.
Additionally, the FBR has also designed a centralised system for paying sales tax, income tax, and federal excise duty (FED) to the bank accounts of the taxpayers directly. The bureau has also requested the registered taxpayers to update their IRIS profiles. A row for IBAN details has also been added to the bank details area within the new system,. The taxpayers are expected to register their bank’s IBAN for the same bank account whose details are already placed within the IRIS profile.
Through this facility,
the taxpayers will receive their income tax, sales tax, and FED refund cheques
directly.
