The first payment through FASTER module against the refund
claims for July has been made and the State Bank of Pakistan confirmed the credit of refund
amount in the claimants' bank accounts, the FBR said.
Chief Policy said that the system has the capacity to process about Rs15-20 billion refund
claims, adding that it would also help in overcoming the fake invoices and flying invoices.
Moreover, parts of the refund
claims that are non-verifiable or not found admissible will be subject to system validation checks every week and the RPO shall be generated for the amount found valid during each scrutiny, according to the draft.
However, the director of the tax refund
company noticed two credit card numbers repeatedly appeared in tax refund
transactions for different travellers.
But many Americans prefer refunds
, even though personal finance experts say it's not a wise idea to get one.
PIAF chairman informed that sales tax refunds
of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax refund
through promissory notes by the government would boost the business of the textile and allied industries.
These reforms, Chua said, ensures that all refund
claims are completed and paid out within 90 days of submission as required under this law.
The undersecretary said the new system also allows the conduct of a risk-based post-audit instead of auditing claims before giving the refund
, and requires the implementation of an electronic invoicing and receipts system.
In case of Integrated GST (IGST) refunds
, about 95 per cent (Rs 48,455 crore) of the total IGST refund
will cover a broad range of goods sought by tourists, and are in line with practices in other countries...
They say that as per Article (68) of Cabinet Decision (52) on Executive Regulations, the Cabinet may issue a decision on introducing tax refunds
for tourists, specifying the date from which the scheme comes into effect.
The offset application needs to be submitted to IRB for verification before approval while the remaining tax refunds
will be carried out based on the government's fiscal ability, the finance minister said in a statement.