The finance minister said the government is mindful of the problems being faced by business and traders community on account of liquidity and keeping this fact in view he has given instructions for refunds. The government has been able to contain the problem of refund pendency despite increase in the number of taxpayers and tax payments. The FBR has been trying to facilitate businessmen so that they are encouraged to pay their taxes.
The refunds shall be paid to all segments and sectors of registered persons including exporters, textile, etc. As per practice adopted previously, all refund amounts shall be electronically transferred to claimants'' bank accounts through the State Bank of Pakistan. This measure, he said, is aimed at enhancing transparency and facilitation and reducing contact between tax collectors and taxpayers.
The FBR has already paid sales tax refunds amounting to Rs 27.6 billion during the current financial year. These payments were made in pursuance of the announcement by the Finance Minister in the budget speech for the year 2017-18 that taxpayers'' long outstanding demand for payment of refunds will soon be addressed and the sales tax refunds against RPOs issued up to 30th April, 2017, shall be paid in two stages. Accordingly, payments against RPOs involving amount up to Rs 1 million were made on 15th July, 2017, and for RPOs exceeding Rs 1 million, payments were made on 8th August, 2017.-PR
Copyright Business Recorder, 2017