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ST refunds up to Rs1m to be cleared by mid April

ST refunds up to Rs1m to be cleared by mid April

ISLAMABAD: Federal Minister for Finance Ishaq Dar has directed Federal Board of Revenue to refund sales tax refunds up to Rs 500,000 in three weeks and up to Rs 1 million by April 15.

Dar was addressing the Annual Chief Commissioners Conference while he announced payments of sales tax refunds to clear the backlog.

He directed FBR for immediate payments of refunds subject to verification and due process under the sales tax law. 26,000 of the total 36,000 claimants will be refunded after this decision. However, the remaining large claims will be processed through queue system separately. Dar said that to ameliorate the problems of Small & Medium entrepreneurs, the refunds must be paid immediately. “While we appreciate the queue that has been established for sales tax refund, we will make this one time exception to facilitate the SME sector,” he added.

After payment of refunds to exporters by April 15, the tax machinery would be in a position to focus on revenue collection for meeting the assigned targets. “For the new development projects under the PM’s Vision for country’s economic development, FBR should focus on achieving the assigned targets. Our development depends on the revenue we collect,” he remarked.

Addressing the Chief Commissioners, the Finance Minister said that FBR is one of the most important organs of the government, as most of the expenditure of the government depends on revenue collection. He said for the purpose of performing their duties well, the Chief Commissioners and other officers have been selected on merit and are being isolated from external pressures. He added that in response we expect the Chief Commissioners to rise up to the challenges and give sterling performances.