FBR Gives Final Deadline to Field Formations to Pay All Pending Sales Tax Refunds

The Federal Board of Revenue (FBR) has given a final deadline of July 31, 2021, to the field formations to pay all pending sales tax refunds filed under the FASTER system by the exporters. The pending refund claims of exporters under the FASTER system stood to the tune of billions, officials told Propakistani. In this regard, the FBR has issued instructions to the field formations, here on Wednesday for the processing of deferred sales tax refund claims. The FBR wants to communicate the Board’s decision to enhance refund risk parametric checks from 12 to 15 percent of export value in cases of partially integrated manufacturing concerns and commercial exporters. All cases marked to the field involving higher refund-to-export ratio, by their very nature, are to be taken as high-risk cases, and put to stringent levels of both pre-and post-refund audit, to optimally safeguard the exchequer against any undue releases on this account. Accordingly, field formations shall speedily dispose of all pending cases either accepting or rejecting the refund, but no claims, on whatever count, be kept pending beyond July 31, 2021, the FBR added.