FBR clears sales tax refunds of over Rs 23 bln

ISLAMABAD, Aug 8 (APP): As per promise made by Finance
Minister, Senator Muhammad Ishaq Dar, the government has cleared Sales
tax refunds of over Rs 23 billion on Tuesday.
Addressing a ceremony held in this regard here at Federal
Board of revenue (FBR), Ishaq Dar said that all the refunds were
transferred directly to the tax payers’ accounts online to provide
maximum facilitation to the business community.
The ceremony was attended by a large number of business
community members, and officials from FBR and finance ministry.
The finance minister said that during his budget speech on May
26, he promised with the business community that all their sales tax
refunds of up to Rs one million would be paid by July 15 while the
remaining refunds, would be cleared by August 14.
He said the payments were made against Refund Pay Orders
(RPOs) issued till April, 2017.
The first promise, he said was fulfilled on July 15 while the
second one was being fulfilled ahead of time.
He said in total, the FBR cleared 10,439 refund cases worth of
RS 26.43 billion in recent two installments.
The Finance Minister said that he always gives difficult
targets to FBR, which have resulted in sharp increase in revenue
collection.
“The revenue collection during last four years has increased
by 73 per cent from Rs 1900 billion in 2013 to Rs 3362 billion in
2016-17”, he added.
Ishaq Dar said the government was committed to take tax to GDP
ratio to 15 per cent which, although is a difficult, however a
doable task.
He said the FBR team was ready to work really hard to achieve
the target of revenue collection set for the year 2017-18 with more
transparency.
Earlier, FBR Chairman, Tariq Mahmood Pasha said that under the
leadership of Finance Minister Ishaq Dar, the FBR team was working
hard to boost the revenue collection and to expand tax base in the
country.
He said with the timely and easy transfer of refund money to
the exporter’s account would encourage them to work hard to increase
the country’s exports.
President Federation of Pakistan Chambers of Commerce and
Industry (FPCCI), Zubair Tufail thanked the minister for paying the
refunds on time.