KARACHI – President Commissioner, Federal Revenue Council (FBR), Corporate Tax Office, Karachi Dr Aftab Imam on Saturday assured exporters that FBR takes exporters’ tax issues seriously and believes in their swift return of money; which is actually an exporter’s investment.
The timely return of the funds will allow the export industry to further investment which will ultimately bring foreign exchange into the country and will also generate revenue for the country, he said during his visit to the PHMA House, said the PHMA release.
He said the FAST-plus system processes refunds within 42 to 72 hours, while the refund process has been improved with quick refunds in general.
However, the case of certain exporters and all the pending exporter issues at the end of the Corporate Tax Office, Karachi will be resolved on a priority basis.
Muhammad Jawed Bilwani, Chief Coordinator and former chairman of the center, Association of Hosiery Manufacturers and Exporters of Pakistan caught the attention of the Chief Commissioner of CTO-Karachi regarding the hot issue of exporters related to Sales Tax Refunds, Audits, Income Tax Refunds and Audits, Zero Value Certificates for tariff reduction electricity and gas and other problems.
He emphasized that after various consultation sessions and feedback from exporters over the past 16 months, the FAST return system has been improved and also changed to FASTER. This system is highly applicable because it efficiently processes refunds electronically up to 80 percent without human involvement.
The remaining 20 percent may have some filing problems which after resolution also have to be processed quickly.
He is of the view that due to the quick return of money, an increasing trend of textile exports can be witnessed.
He said several members had informed that there were still numbers that were missed and suspended in the FAST system which should be checked and fixed.
He proposed that the amount lost should be reflected in the MIS for Sales Tax Refunds.