FBR promises traders of prompt tax refund processing

Islamabad: Tuesday, November 15, news sources said that the Federal Board of Revenue (FBR) promised traders that their sales tax refunds would be paid out quickly and that the tax structure would be changed.

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During a meeting with the Gujranwala Chamber of Commerce and Industry, FBR Chairman Asim Ahmad gave this promise (GCCI). He said that the FBR is working hard to make sure that the tax system is better and that traders are happy with it. He said that the government has given out more tax refunds this year than in any other year, which is good news. Members of the business community talked about the problems their members were having at the time. These problems included the early payment of sales tax refunds, the import of motor scrap, delays in the clearance of goods because of the State Bank of Pakistan’s (SBP) foreign exchange (FE) regulations, and a restriction on the import of aluminium scrap that limited cash margins to 100%.

It is important to know that the FBR has asked all tier-1 traders and retailers to connect their sales invoices to the FBR-Point of Sales (POS) system so that their income and tax can be tracked in real time. The business owners have also talked about their worries about the sales tax returns that have been late for years.