Karachi: The State Bank of Pakistan (SBP) on Thursday invited the business community to provide its feedback on its new automated tax refund system to facilitate improvements in the initiative’s transparency, efficiency, and rendering of public convenience, a news source reported.
This was stated by SBP Governor Reza Baqir in an online meeting he was chairing. He said that improving the ease of doing business is one of the shared goals of the government and the central bank.
He also revealed that after automation of the revenue collections system, the central bank is also working to automate the payment system – in collaboration with the Federal Board of Revenue (FBR) and the Pakistan Customs.
Furthermore, the meeting was briefed on the project details, which comprises of two components: one is the automation of payment of duty drawback, while the other is the sales tax refunds. The system is expected to increase the efficiency of the mechanism and save time as well as human resources.
