In a major move to facilitate sales tax refund claimants, the Federal Board of Revenue (FBR) has decided to implement a new system of electronic transfer of sales tax refunds into the taxpayer''s bank accounts from October 2017. Sources told Business Recorder here on Tuesday that the FBR, State Bank of Pakistan (SBP) and Pakistan Revenue Automation Limited (PRAL) are interacting on the issue of electronic transfer of refunds for speedy implementation of the project.
Sources said that the government is finalising arrangements to ensure that the system shall be put in place by end of September 2016, so that transfers of refunds, intended to be made in October, 2016, would be ensured through new system. In line with the directive of Finance Minister Ishaq Dar to make arrangements for electronic transfer of sales tax refunds to the beneficiaries, before October 15, 2016, the co-ordination meeting with the SBP team was held at FBR (Hqrs) to discuss the modalities/challenges.
Director Finance SBP assured the FBR team of their full cooperation for the purpose. He intimated that the SBP was ready for an electronic advice or electronic transfer of payment data from the FBR to SBP through a secure link. The payment advice then can be given effect by transfer of data to respective banks for further action. He maintained that further technical modalities and data format can be finalised in a meeting between the SBP and PRAL technical teams, they maintained.
It was pointed out by the FBR team that the FBR will like to have a two way communication so that successful and failed transfers are intimated back to the FBR. The Director Finance, SBP, stated that this was also possible. Accordingly, it has been decided that a detailed technical discussions would continue between the IT (FBR)/ PRAL and SBP/IT team at SBP, Karachi to discuss the technical aspects in detail and devise a tentative road map. It has been decided that the system shall be put in place by end of September 2016, so that transfers intended to be made in October 2016, can be affected through new system.
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