FBR Develops New Software To Expedite Refund Claims

The Federal Board of Revenue (FBR) has developed and placed a new software system in order to expedite the payments of refund claims that would help in addressing the refund claims of the business community in the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Aug, 2019 ) :The Federal board of Revenue (FBR) has developed and placed a new software system in order to expedite the payments of refund claims that would help in addressing the refund claims of the business community in the country.

The newly developed refund payment system is known as FASTER that would enable the payments of the verified claims within 72 hours, said Hameed Memon Chief Policy Sales Tax of FBR.

While, briefing the media men about the salient features of the system, he said that the newly developed software was successfully tested and operated, adding that it would facilitate the business community in the country and promote local exports.

He said that the system would bring more transparency in the sales tax refunds claims as the human interaction was completely eliminated and the system would work on electronically generated invoices of sales and purchases.

He said that the FASTER would be facilitate the export oriented industry by addressing the refund claims and ensuring more liquidity for them, adding that refunds worth millions of rupees will be released with this system.

He said that the system would be largely beneficial for the five major export oriented sectors including textile where zero rating regime was abolished in the budget for the financial year 2019-20.

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.

Replying to a question, FBR official said that total refunds claims were recorded to Rs170 billion, adding that the government had introduced refund bonds for the payment of outstanding claims of the businessmen.

Out of the total outstanding refund claims, the government had issued refund bounds worth Rs23 billion and remaining would be paid off within a stipulated time that would encourage the exports of the country, he remarked.