AGL 38.00 No Change ▼ 0.00 (0%)
AIRLINK 213.91 Increased By ▲ 3.53 (1.68%)
BOP 9.42 Decreased By ▼ -0.06 (-0.63%)
CNERGY 6.29 Decreased By ▼ -0.19 (-2.93%)
DCL 8.77 Decreased By ▼ -0.19 (-2.12%)
DFML 42.21 Increased By ▲ 3.84 (10.01%)
DGKC 94.12 Decreased By ▼ -2.80 (-2.89%)
FCCL 35.19 Decreased By ▼ -1.21 (-3.32%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 16.39 Increased By ▲ 1.44 (9.63%)
HUBC 126.90 Decreased By ▼ -3.79 (-2.9%)
HUMNL 13.37 Increased By ▲ 0.08 (0.6%)
KEL 5.31 Decreased By ▼ -0.19 (-3.45%)
KOSM 6.94 Increased By ▲ 0.01 (0.14%)
MLCF 42.98 Decreased By ▼ -1.80 (-4.02%)
NBP 58.85 Decreased By ▼ -0.22 (-0.37%)
OGDC 219.42 Decreased By ▼ -10.71 (-4.65%)
PAEL 39.16 Decreased By ▼ -0.13 (-0.33%)
PIBTL 8.18 Decreased By ▼ -0.13 (-1.56%)
PPL 191.66 Decreased By ▼ -8.69 (-4.34%)
PRL 37.92 Decreased By ▼ -0.96 (-2.47%)
PTC 26.34 Decreased By ▼ -0.54 (-2.01%)
SEARL 104.00 Increased By ▲ 0.37 (0.36%)
TELE 8.39 Decreased By ▼ -0.06 (-0.71%)
TOMCL 34.75 Decreased By ▼ -0.50 (-1.42%)
TPLP 12.88 Decreased By ▼ -0.64 (-4.73%)
TREET 25.34 Increased By ▲ 0.33 (1.32%)
TRG 70.45 Increased By ▲ 6.33 (9.87%)
UNITY 33.39 Decreased By ▼ -1.13 (-3.27%)
WTL 1.72 Decreased By ▼ -0.06 (-3.37%)
BR100 11,881 Decreased By -216 (-1.79%)
BR30 36,807 Decreased By -908.3 (-2.41%)
KSE100 110,423 Decreased By -1991.5 (-1.77%)
KSE30 34,778 Decreased By -730.1 (-2.06%)

The World Bank review mission has asked the Federal Board of Revenue (FBR) to apply proper risk management techniques to minimise refunds of illegal sales tax refund claims under the Expeditious Refund System (ERS). Sources told Business Recorder here on Friday that the WB had given its comments on the ERS during the review of the Tax Administration Reform Project (TARP).
According to the WB review mission, the assessment of the ERS is pending. The next mission will review the Enforcement (including Audit) and IT components in detail. However, the WB mission assessed progress in terms of cheques issued and amount of sales tax refunded. Data indicated improvements on the processing of substantial backlog of refund, and proper risk management techniques are to be put in place to minimise refunds of illicit claims, the WB said.
The WB further said that the data of Federal Board of Revenue (FBR) shows that 54,434 cheques were issued in 2010-11 compared to 20,453 in the previous fiscal year. Similarly, Rs 52.2 billion was paid in refunds in 2010-11, which was almost twice the amount paid in 2009-10.
The FBR data showed that 31,246 claims, involving an amount of Rs 59,919 million, had been filed during 2010-11. The refund payment orders were sanctioned in 50,116 cases involving an amount of Rs 53,491 million. During the period under review, the cheques were issued in 54,434 cases involving an amount of over Rs 52,199 million. The data of 2009-10 showed that the number of refund claims filed was 22,494 involving an amount of Rs 33,388 million. The refund payment orders were sanctioned in 20,619 cases involving Rs 31,324 million. The FBR issued cheques in 20,453 cases involving an amount of Rs 27,255 million during this period, FBR data added.

Copyright Business Recorder, 2011

Comments

Comments are closed.