A leading Lahore-based manufacturer of synthetic yarn has approached the Federal Board of Revenue (FBR) against prolonged delay in electronic transfer of admissible sales tax refund to its bank account through the FBR's new system of direct credit facility.

In this regard, Khalid Mahmood Akhtar, General Manager Sales Tax of Olympia Blended Fibre Mills Limited, has written a letter to FBR Chairman Tariq Pasha for transfer of sales tax refund in the concerned bank account in consequence of Refund Payment Order No. 8046199/2017, dated 07.02.2017.

The company is repeatedly approaching the FBR for issuance of admissible amount of refund under direct credit facility, but the electronic system of the FBR is not transferring the sales tax refund directly into the bank account, which needs immediate attention of the FBR Chief Automation at concerned tax officials at the FBR.

According to the company's representative, in consequence of the policy statement issued by the government that the refund payment orders (RPOs) in the cases of refund of over one million rupees will be issued up to April 30, 2017, a refund payment order (RPO No. 8046199/2017, dated 07-02-2017) amounting to Rs 51,922,702 has been issued in company's favour after detailed scrutiny.

But unfortunately, consequent refund payment credit to company's bank account through electronic transfer was not given in company's favour neither prior or after to the cut of date.

Copyright Business Recorder, 2017