ISLAMABAD: The Federal Board of Revenue (FBR) has paid refunds of Rs176 billion during the first half (July-December) of 2022-23 against Rs149 billion paid during the same period of 2021-22, reflecting an increase of Rs 27 billion.
The FBR data revealed that during 2021-22, a total of sales tax refunds of Rs. 288.4 billion were paid to improve the liquidity position of the taxpayers during the period under reference which is an excess of Rs. 80 billion over and above the refunds paid in 2020-21.
On the other hand, the FBR has made payment of sales tax refunds of Rs143.8 billion under the ‘FASTER’ system during the first five months of the current fiscal year (2022-23) as compared to Rs99.5 billion paid in 2021-22, reflecting an increase of 44.5 percent. Sources said that the refund payment against all valid refund payment orders (RPOs) of the FASTER stream has been made on 1 December 2022 and there is no pendency as on 30 November 2022.
However, they added that there was a decline of around 18 percent in payment of non-‘FASTER’ sales tax refunds during July up to December 1, 2022 subsequent to payment of Rs2.3 billion against Rs2.8 billion for the same period a year before.
As per FBR data, the ‘FASTER’ payments of sales tax refund paid as on 30th June 2022 Rs279 billion against Rs195 billion for the same period a year before, reflecting an increase of 42.8 percent. The payments of sales tax refund under ‘FASTER’ from July to 1st December 2022 are Rs143.8 billion against Rs 99.5 billion, reflecting an increase of 44.5 percent.
Copyright Business Recorder, 2023
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