Wednesday, October 20, 2021

FBR plans orientation programme

KARACHI: A technical committee of the Federal Board of Revenue (FBR) has planned an orientation programme for the manufacturers and exporters in filing their stock position for speedy clearance of the sales tax refunds.

The committee is organising a workshop/webinar for the orientation of the SME manufacturers-cum-exporters and commercial exporters and tax consultants regarding FASTER and procedure of filing Annexure–H on Wednesday January 20, 2021, according to a notification issued on Monday. The filing of Annexure–H is related to declaring the stock position through monthly sales tax returns. The taxpayers are facing difficulties in claiming refunds under the Fully Automated Sales Tax e-Refunds (FASTER) due to the problems in filing Annexure-H.

The revenue board constituted the technical committee on September 17, 2020. The committee is headed by Abid Shaban, who is a reputable tax consultant and was the member of the Tax Reform Commission (TRC) formed by the government in the past.

The committee has been given the task to propose smooth issuance of the sales tax refunds. The committee was asked to identify issues hindering smooth processing of refund claims through the FASTER system.

Further, it is also part of the term of reference for the committee to propose amendments in the procedure or thresholds relating to the sales tax refund of various sub-sectors of exporters.

Source: The News

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