The Federal Minister for Finance Senator Ishaq Dar chaired a ceremony at the FBR Headquarters Monday for the inauguration of the "Module for Direct Electronic Transfer of Refunds" for payment of sales tax refunds for Refund Payment Orders (RPOs) issued up to 30th June, 2016, amounting to Rs 25 billion. Addressing the ceremony, the Finance Minister said "the refunds are being paid to all claimants whether exporters or belonging to any other sector and we have also removed any restrictions on the limits of the refunds".
The Minister declared, "Today for the first time, the refunds are being paid through direct electronic transfer through the State Bank of Pakistan's RTGS system. It will not only ensure credit of refunds within 24 hours, sometimes even on the same day, but also will eliminate the human interaction through online payments. "Our basic purpose here is to introduce efficiency with transparency", he said.
The Finance Minister said that this is another step towards facilitating the business community and reiterated the govt.'s resolve to introduce good governance at every level. "We are striving hard to introduce reforms that are necessary for improving the administration of the revenue collection authority and trying to make the system hassle free and people friendly," he added. He maintained that this step will not only promote the exports sector but also the whole business community. The Minister also praised the efforts of the FBR team for taking measures which have solved the issues of the business community to a large extent.
The Finance Minister reiterated that the process of facilitation for the business community will not end here; the government is also working on the scheme to give a push to the exports of the country and increase the overall prosperity of the country.
The sales tax refunds through this system will be paid for RPOs issued up to 30th June 2016. It is also important to mention that this is the second ceremony of this kind arranged in the same year. Earlier in August 2016, refund cheques for Rs 21.45 billion were distributed to the exporters by the Prime Minister, against 6,332 RPOs issued up to 30th April, 2016. In the current cycle, RPOs amounting to 25 billion will be paid as promised by the PM in the earlier ceremony in August. The Finance Minister remarked that the payment of sales tax refunds both for RPOs issued up to 30th April 2016 and 30th June 2016 was evidence of the government's commitment to fulfilling its promises to the people of Pakistan, and implementing reforms for improving ease of doing business in the country.
"Unlike the earlier refunds in August, where the amount was paid through cheques, this time refunds will be transferred directly to the accounts of the businessmen through a click of a button. As per the requirements of the State Bank of Pakistan, the refunds are being paid to those claimants who updated their bank accounts in IBAN format and this is necessary to ensure that the refunds are not misdirected", added the Finance Minister.
Special Assistant to PM on Revenue, Humayon Akhtar Khan praised the efforts of the Finance Minister for the well-being of the business community. He said that introducing zero rating in the five exports' related sectors is by no means a small achievement of the PML-N Government. The recent up-grading of the credit rating of Pakistan by Standards and Poor's, and International Financial bodies' acknowledgement that Pakistan will achieve a GDP growth rate of over 5% in the next year, speaks volumes about Pakistan's economic progress and stability in a short span of time.
Abdul Rauf Alam, Chairman FPPCI, said that the step taken by the government to resolve the difficulties of the business community with least interference from FBR is indeed a proof of the government's positive approach towards the business community. He urged the business community to pay their due taxes.-PR
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