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ISLAMABAD -- The FedeAral Board of Revenue (FBR) on Monday released Rs22 billion of verified sales tax refunds to exporters through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system.
Out of the total outstanding refund claims, the government had issued refund bounds worth Rs23 billion and remaining would be paid off within a stipulated time that would encourage the exports of the country, he remarked.
'After every validation process, the information regarding RPO generated, if any, as well as the objections shall be communicated by the system to the refund claimant and also to the concerned Regional Taxpayers Office or Large Taxpayers Unit for information.
"Some travellers who applied for cash refunds were in a hurry to catch their flights," said the company director.
There is no estimate for how many people will still receive a refund but a smaller one than before.
Mian Nauman Kabir who also served as Chairman Quaide Azam Industrial Estate and Live stock Minister in caretaker government last year said that tax refunds of the exporters have been stuck for a long time for more than a year in most cases and now the government has announced issuance of promissory notes to liquidate these refunds which is a right step in the right direction.
Under the National Internal Revenue Code, qualified businesses are allowed to recover excess input VAT for certain transactions, mostly those involving exports, either through a VAT refund or tax credit certificate.
Peter Wallace, founder of the Wallace Business Forum, said such reforms are welcome news for enterprises as applying for VAT refunds used to take as long as nine years to claim.
In case of Integrated GST (IGST) refunds, about 95 per cent (Rs 48,455 crore) of the total IGST refund claims (Rs.
"If it is a cash refund, then the limit is Dh10,000 and if it is unlimited, then the tourist will be refunded by transferring the amount electronically to his/her account, debit or credit cards," Byrne told on the sidelines of a Press conference in Dubai on Wednesday.
Tourists in the UAE are unlikely to get VAT refunds for purchases made before the refund scheme comes into effect from November 2018, according to UAE-based tax experts.
The Pakatan Harapan government has agreed to allow taxpayers with outstanding tax refunds from the Inland Revenue Board (IRB) to offset the amount against the tax payable for the current year, Finance Minister Lim Guan Eng announced today.