FBR updates, income tax, budgets and markets for Pakistan
8 articles
PHMA Demands Release of Sales Tax Refunds. Pakistan Hosiery Manufacturers & Exporters Association (PHMA) on Saturday demanded from the FBR to release exporters’ sales tax refunds. A letter was sent by the…
In order to implement the mechanism the FBR issued SRO 383(I)/2022. The FBR amended Sales Tax Rules, 2006 through the instant SRO. The government withdrew sales tax exemption on drugs through Finance…
The Federal Board of Revenue (FBR), here on Wednesday, decided to implement it's sales tax refund system named “FASTER-Pharma” for the pharmaceutical sector. It will process the sales tax refunds within 48…
Addressing a meeting of Sialkot exporters organized by the Pakistan Readymade Garments Manufacturers and Exporters Association, he said that the FBR was paying a refund of Rs 200-250 billion to the exporters…
The FBR issued instructions to the field formations on non-export and carry forward based sales tax refunds. The decision has been taken for the convenience of taxpayers, who are unable to get…
Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI…
Monthly sales tax returns submitted treated as a refund claim. With supportive documents including the required information in the format or software. No refund claim shall be entertained if the taxpayer fails…
FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data…