ISLAMABAD,Aug 09 (TNS): A day ahead of former prime minister Nawaz Sharif’s proposed power-show on the GT Road, the PML-N government on Tuesday paid Rs26.43 billion sales tax refunds to traders and exporters.
The sources confirmed that the finance minister personally directed the Federal Board of Revenue (FBR) on Monday to prepare a list of claimants who will be issued a refund. That list was completed by midnight and the refunds began to be issued on Tuesday. It is expected that the full amount will reach taxpayers’ accounts within 24 hours.
Welcoming the move business leaders pointed out that the timeline has been “synchronized with the political developments,” pointing to the GT Road march on Wednesday. The refund amount paid against refund payment orders (RPOs) of more than Rs1 million, which were issued up to April 30. Refunds against all RPOs of less than Rs1 million have already been issued on July 15.
At first, the government had announced that sales tax refunds of around Rs15bn would be issued before Aug 14. But, according to the sources not only was the amount of sales tax refunds enhanced, it was also issued one week ahead of the announced schedule.
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In the budget speech for the year 2017-18, it was announced that taxpayers’ long outstanding demand for payment of refunds will be addressed soon and the sales tax refunds against RPOs issued up to April 30, 2017, shall be paid in two stages.
At a ceremony held at FBR, Mr Dar also admitted that the amount in second phase was issued ‘well before the date earlier announced.’ He said that total refund including refund issued in the first phase come out to Rs26.43 billion covering 10,439 RPOs.
According to an official announcement, Finance Minister Ishaq Dar said that these refund payments would not only cover exporters but all other claimants in all sectors of economy. This would resolve liquidity problems that the taxpayers are facing, he added. He said that to fulfill the commitment FBR is forwarding electronic payment advice to State Bank of Pakistan. Since Nov 2016, sales tax refund has been credited directly into the account of the taxpayers within 24 hours.
