The government is committed to facilitate trade and industry and sanction all pending income tax and sales tax refunds in order to relieve the export-oriented industry from liquidity crunch, especially in view of the post-Covid economic meltdown, said Large Taxpayer Office Lahore Chief Commissioner Qaiser Iqbal.
In an online meeting with the All Pakistan Textile Mills Association (Aptma) members, he assured the businessmen of expeditious resolution of all tax issues, including refund claims.
“The Federal Board of Revenue (FBR) accords prime importance to resolution of all tax matters of exporters and believes in speedy refund of the taxes paid on inputs used in exported goods,” he said. “In its resolve to expeditiously pay refunds, FASTER Plus has been recently launched by FBR.”
He detailed that FASTER Plus has been processing refunds in 42-72 hours and refund process has been improved with accelerated disposal of refunds. Claims which require any detailed verifications shall also be processed on fast track basis, he added.
The chief commissioner added that a dedicated cell would be set up soon for processing all deferred cases with an aim to ensure that no deferred claim remains pending. He further assured the business community that issues relating to withholding tax on electricity bills and extension of the benefit of Clause 66, Part IV of the Second Schedule to Income Ordinance would be resolved in consultation with Lahore Electric Supply Company (Lesco).
He added that the FBR was also working to develop new software which would eliminate flying/bogus invoices.
Published in The Express Tribune, November 11th, 2020.
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