Meanwhile, the income tax refunds
between Rs100, 000 and Rs500, 000 for all years will be paid next month.
ISLAMABAD -- The first payment through FASTER module, against the refund
claims for the tax period July 2019, has been made on 2nd September, 2019, and the State Bank of Pakistan (SBP) has confirmed the credit of the refund
amount in the bank account of the claimant.
'Rs 1.7 billion of income tax refunds
(up to Rs 1 Lakh) for all years to be released immediately,' he added.
ISLAMABAD -- The Federal Board of Revenue (FBR) has developed and placed a new software system in order to expedite the payments of refund
claims that would help in addressing the refund
claims of the business community in the country.
'Each product category presumptive sales tax refund
will be calculated in advance and fed into Risk Management System (RMS) of the FBR.
Dubai: A tax refund
company employee went on trial accused of stealing Dh70,000 this week.
The Government Accountability Office warned last summer that the number of tax filers who receive refunds
was likely to drop for the 2018 tax year and the number of filers who owe money would rise.
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.
He said that sales tax refunds
of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax refund
through promissory notes by the government would boost the business of the textile and allied industries.
Chua said these four reforms include setting up of a special trust account in the General Fund sourced from 5 percent of the total VAT collections of the Bureau of Internal Revenue and the Bureau of Customs from the immediately preceding year-to ensure money is available for VAT refunds-and basing revenue targets set for the next fiscal year on net of VAT refunds
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.
New Delhi: GST refund
claims worth Rs 91,149 crore have been issued so far to exporters by the Central Board of Indirect Taxes and Customs (CBIC), which are 93.77 per cent of total claims with the tax authorities, the Finance Ministry said.