ISLAMABAD: The Federal Board of Revenue (FBR) has re-fixed the ceiling of parametric refund-to-export ratio from the previous 12 percent to 15 percent of the export value for processing of sales tax refunds of the commercial exporters.
The FBR has issued a Sales Tax General Order (STGO) 05 of 2021, here on Friday.
According to the FBR, in exercise of the powers conferred under Rule 39C of the Sales Tax Rules, 2006, the FBR has re-fixed the ceiling of parametric refund-to-export ratio from the previous 12 percent to 15 percent of the export value for processing of Sales Tax refunds of the Commercial exporters, that is, the exporters who do not have a manufacturing facility, and are not registered in the “Manufacturer” category under the Sales Tax Act, 1990.
This shall be the maximum ceiling of admissible refund processed through “FASTER” system against valid exports after confirmation of realisation of export proceeds as per rules, the FBR added.
Copyright Business Recorder, 2021
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