FBR has devised a centralized system of online payment of Sales Tax, FED and Income Tax refunds directly in the bank account of the taxpayers.
For this purpose, FBR has requested the taxpayers to update their IRIS profile. In the given bank account details area in the system, IBAN detail row is added wherein taxpayers are required to add their complete Bank’s IBAN number of same Bank Account whose details are already available in IRIS profile to receive Sales Tax, FED and Income Tax refund cheques.
FBR has advised the taxpayers to do the needful as soon as possible to avail electronic transfer facility.
Federal Board of Revenue has also released the latest information relating to the issuance of Refunds through FASTER (Fully Automated Sales Tax E-Refund System). As per record, since July 2019, a total of refunds amounting to Rs. 64.5 billion were claimed through FASTR System. Out of it, refund cases of rupees 57 billion were processed.
Out of these processed cases, refund payment of rupees 51.5 billion have been made to the exporters and businessmen so far. The remaining unpaid refund cases have been withheld due to incomplete date provision by the exporters and businessmen.
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