FBR finalizes FASTER system to issue sales tax refunds to export-oriented sectors

MG News | July 26, 2019 at 10:37 AM GMT+05:00

0:00

July 26, 2019 (MLN): The Federal Board of Revenue (FBR) has finalized a Fully Automated Sales Tax e-Refund (FASTER) system, whose aim is to promptly issue sales tax refunds to exporters.

The system has been adopted for five export-oriented sectors namely textile, carpets, leather, sports goods and surgical instruments.

The data in the refund claim shall be scrutinized and verified by the system and the payable refund amount shall be determined on the basis of input consumed in exports or supplies.

The refund payment order (RPO) of the amount found admissible shall be generated and electronically communicated direct to the State Bank of Pakistan, within seventy-two hours of submission of claim, for onward advice to the respective banks for credit into the notified account of the claimant.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	157,953.47 555.47M	1.14% 1775.65
ALLSHR	96,741.22 1,957.60M	1.16% 1110.83
KSE30	48,198.94 249.79M	1.09% 520.47
KMI30	232,694.17 290.89M	1.31% 3011.94
KMIALLSHR	65,027.13 1,019.78M	1.03% 660.37
BKTi	42,489.56 84.10M	1.35% 566.75
OGTi	31,779.36 15.21M	0.14% 43.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	117,350.00	117,680.00 116,905.00	-420.00 -0.36%
BRENT CRUDE	67.52	68.42 67.19	-0.43 -0.63%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	94.00	94.50 94.00	0.45 0.48%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.23	63.31 63.20	-0.03 -0.05%
SUGAR #11 WORLD	16.13	16.27 15.89	-0.14 -0.86%