FBR sanctions Rs 56 billion refund claims through FASTER

MG News | April 01, 2020 at 11:26 AM GMT+05:00

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April 1, 2020: Federal Board of Revenue (FBR) has released the information about refund claims sanctioned through FASTER (Fully Automated Sales Tax e-Refund) system developed for quick processing of refunds due to exporters.

Since July 2019, Refund Claims amounting to Rs. 59 billion have been filed and FBR has sanctioned Rs. 56 billion, which comes to around 95 % of the claimed amount. During the month of March, FBR has sanctioned refunds of Rs. 25 billion approximately to exporters, said a statement issued by FBR here on Wednesday.

FASTER is a fully automated system that uses a Risk Management System for processing Sales Tax Refunds without human interference.

FASTER is operational for the tax periods July and onwards.

FBR strives to make timely payment of Refunds to exporters so that they don’t face any liquidity issue.

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