ISLAMABAD: In an unprecedented move, the Federal Board of Revenue (FBR) has introduced a new Fully Automated Sales Tax e-Refund (FASTER) system to facilitate the exporters, ARY News reported.
According to FBR chief sales tax officer Hameed Memon, sales tax refund payments, under the new system, would be credited into the claimants’ bank accounts withing 72 hours.
He said that the FBR introduced a new system to expedite the sales tax refund system and added that now export data would be verified online.
The officer said that as soon as a refund payment order issued it would be forwarded to the State Bank of Pakistan for payment to the claimant.
Under the new system, the FBR will issue sales tax refunds to exporters electronically communicating Refund Payment Orders (RPOs) to the State Bank of Pakistan within 72 hours of submission of claim for onward advice to banks for credit into the claimants’ bank accounts, he added.
Earlier on June 25, Federal Board of Revenue had announced that the automated system for sales tax registration will be effective from July 1st 2019.
Here are the details of the registration process:
- The applicant having NTN/income tax registration shall, using his login credentials, upload following information/documents.
- Bank account certificate issued by the bank in the name of the business. Registration/consumer number with the gas and electricity supplier.
- GPS-tagged photographs of the business premises. In case of a manufacturer, the GPS-tagged photographs of machinery and industrial electricity or gas meter should be installed.
- On furnishing above documents, the system shall register the applicant for sales tax.
- After registration, the applicant or his authorized person shall visit e-Sahulat Centre of NADRA within a month for biometric verification.