Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh Friday transmitted the advice for issuance of bonds of Rs 7 billion in lieu of sales tax refund to 90 claimants. The bonds have been issued to claimants who had opened their account with CDC through an advice transmitted at a ceremony held at the Ministry of Finance.
In order to facilitate businesses, particularly exporters, and resolve the problem of long outstanding refunds, it was decided by the government to issue sales tax refund bonds to the claimants. The Federal Board of Revenue (FBR) has made necessary arrangements for issuance of bonds through Central Depository Company (CDC).
The Advisor informed that FBR is planning another issuance in the month of June, 2019. He advised the claimants to exercise their option for issuance of bonds and provide their CDC accounts to FBR so that they can be accommodated in the next issuance.
The ceremony was attended by Minister of State for Revenue, Muhammad Hammad Azhar, Secretary Finance, Naveed Kamran Baloch, FBR Chairman Shabbar Zaidi and senior officials of the FBR.
According to the FBR, the refund claimants who have opted for sales tax refund payments through bonds should open investor account with Central Depository Company (CDC) if they do not already have such accounts.
The FBR has issued procedure for opening CDC account for sales tax refund payment through bonds.
The exporters claimed that their pending sales refunds are over Rs 250 billion, whereas, the FBR claims that the pending refunds are considerably less (around Rs 200 billion) against exporter''s claim.
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