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FBR advises central bank to pay sales tax refunds to exporters

advises Business central bank Exporters FBR sales tax refunds

FBR advises central bank to pay sales tax refunds to exporters

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ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports.

According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments.

The refund has been paid against 4,117 payment orders issued up to November 8.

It said those refund claimants who have not provided account number in IBAN format are requested to provide the same through their user ID on FBR’s web portal.

Read More: FBR tax collection target may decrease by Rs84 billion

The net revenue collections by the FBR recorded increase of 11.4 percent during the fiscal year 2017-18 as compared to the corresponding period of last year, however the board fell short of collection target during the fiscal year.

The FBR collected revenues of Rs3751 billion during fiscal year 2017-18 against the collection of Rs3368 billion during FY 2016-17.

The collection excludes the collection on account of book adjustments for June, 2018 while the board also issued Rs45 billion more refunds than the previous year, according to the
data.

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