Islamabad: The Federal Board of Revenue (FBR) on Tuesday asked taxpayers to update their income tax returns to receive refund amounts in their bank accounts, according to news sources.
The board released an official statement declaring that bank account details were required for an online, centralized system of payments in terms of sales tax, income tax and federal excise duty (FED) refunds to be credited to the taxpayers’ bank accounts.
Furthermore, the FBR has also requested for the exporters to update their WeBOC profiles (Web-Based One Customs system developed by the Pakistan Revenue Automation Ltd (PRAL)), and provide International Bank Account Numbers (IBAN) for the same bank accounts that have already been registered in their profiles.
Previously, the FBR had announced its decision to stop issuing cheques, and instead transfer the refund amounts directly to the bank accounts of the beneficiaries. This step was taken in order to minimize human interactions in the entire process so as to ensure maximum transparency.
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