FBR suspends online refund system “FASTER”
Exporters say their 200 billion rupees stuck in pipeline due to shutting down Federal Board of Revenue's on -refund facility
Another difficulty for exporters who are on brink of disaster, online refunds are also stopped, sales tax refunds worth Rs 200 billion are stuck, and exporters bubble up.
Exporters who are fed up with economic conditions have now faced a double whammy as the Federal Board of Revenue has suspended the online sales tax refund system.
Exporters told News360 that since the first week of January, exporters’ online refund claims have been closed and the “faster” system of issuing refunds within 72 hours has been stopped.
Exporters say online refunds have been closed since January 6 and tax refunds worth around Rs 70 billion are stuck. Thus, the exporters are facing a shortage of capital to run the industries.
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Exporters complain that the online refund program “Faster” has been suspended on the pretext of hardware and software malfunction.
The exporter has further told the correspondent of News360 that the total sales tax refunds are more than 200 billion rupees and due to non-availability of funds, industries are having to take expensive loans to manufacture export products.
It should be noted that last month the Federal Board of Revenue has issued a refund of 20 billion rupees but the amount is much less than the refund claim.
