Centralised sales tax refund payment system soon

The centralised sales tax refund payment system is introduced by the FBR after approval from the ministry of finance.

ISLAMABAD: The centralised sales tax refund payment system has been introduced by the Federal Board of Revenue (FBR) after approval from the ministry of finance. The new system is part of the reformed general sales tax programme.

According to sources, the introduction system will be formally announced on Monday by the minister of finance. The system will be formally initiated the following day by the minister in the presence of notable traders, industrialists, businessmen, World Bank officials and other dignitaries, the sources said, adding that the minister will brief the participants about the system and run a demonstration.

The new centralised refund payment system is supposed to be faster and more convenient than its predecessor, said sources. The new procedure is solely electronic and does not require any manual processes on the part of the taxpayer. Refund cheques will be issued immediately from FBR offices after clearance, sources said adding that, citizens residing outside of Islamabad will be able to claim their payments through cheques delivered via courier services.

Published in The Express Tribune, September 26^th, 2010.