As a consequence of the rescission of SRO 1125(I)/2011, which allowed zero-rating of inputs of five export-oriented sectors, FBR had committed with the exporters of said sectors - textiles, leather, carpets, sports goods and surgical goods - that refunds
shall be paid to them within 72 hours of filing of the refund
It is highlighted that only 9 refund
claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and the payment has been made against the claim that was cleared by the risk management system of FASTER module.
The finance adviser also underlined that the verification process for other outstanding refunds
was to be expedited and income tax refunds
worth Rs0.1-0.5 million for all years would be paid next month.
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.
claim will be processed by the RMS and the data will be scrutinised and verified by the system and the payable refund
amount will be determined on the basis of input consumed in exports or supplies.
The accused's duty was to receive travellers refund
documents and use the username and password in the company system to refund
money to travellers.
The GAO pointed to an IRS estimate that about 4.6 million fewer filers would receive refunds
this tax filing season.
The PIAF chairman Mian Nauman Kabir in a statement along with senior vice chairman Nasir Hameed Khan and vice chairman Javed Iqbal Siddiqui said that the businessmen were bearing huge financial costs on their own hard earned stuck-up money; therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds
as promised by the government through promissory notes.
He said in a statement issued on Friday that PIAF has welcomed announcement of issuance of promissory notes to clear huge amount of long outstanding sales tax refund
The pre-TRAIN process of claiming VAT refunds
involved the submission of a voluminous set of documents and often took years to resolve.
The DOF said the pre-TRAIN process of claiming VAT refunds
involved the submission of many documents, and often takes years to resolve.
New Delhi [India], Dec 3 ( ANI ): The Centre on Monday said Goods and Services Tax (GST) refunds
to the tune of Rs 91,149 crores have been disposed by the Central Board of Indirect Taxes and Customs (CBIC) and state authorities out of the total refund
claims of Rs 97,202 crore received so far, thus implying a disposal rate of 93.77 per cent.
Rob Dalla Costa, VAT director at KPMG, said the refunds
are likely to have a positive impact on the psychology of tourists looking to shop in the UAE.
Tourists in the UAE are unlikely to get VAT refunds
for purchases made before the refund
scheme comes into effect from November 2018, according to UAE-based tax experts.
The Pakatan Harapan government has agreed to allow taxpayers with outstanding tax refunds
from the Inland Revenue Board (IRB) to offset the amount against the tax payable for the current year, Finance Minister Lim Guan Eng announced today.