FBR clears Rs21bn claims electronically ISLAMABAD: The Federal Board of Revenue (FBR) has cleared sales tax refund claims of Rs21 billion which would be electronically transferred in the accounts of taxpayers within the next 24 hours, Finance Minister Ishaq Dar said on Monday.
Addressing the inaugural ceremony of ‘Direct Electronic Credit of Sales Tax Refund System’, the minister said a total of Rs25bn refund claims were pending from June 2015 to June 30, 2016. The remaining claims of Rs3.5bn would be transferred in taxpayer accounts within a week by addressing all the issues and modalities, he added.
The direct electronic credit refund method has been developed by the FBR in collaboration with the State Bank of Pakistan.
The minister said the new refund payment system would bring transparency by minimising direct human interactions. It would also save the time of taxpayers, besides strengthening the FBR by improving its governance structure, he added.
He said Rs22bn refund claims were also cleared in August as the prime minister had announced to clear all refunds by October.
The current government, he said, inherited pending refunds of Rs211bn when it came to power in 2013, but it committed to clear all the refund claims within minimum time, besides announcing zero-rating for five export sectors.
The government, he said, was taking several steps for institutional reforms in order to improve the governance system and bring transparency and sustainability.
He said the government had introduced the Companies Ordinance of 2016, which had replaced the 32-year-old law and empower the Securities and Exchange Commission of Pakistan to find out offshore tax havens.
The minister said the government would address all the issues of the real estate sector and they would be facilitated by bridging the gap between documented and undocumented economies.