The Federal Board of Revenue (FBR) of Pakistan announced that it will release sales tax refunds totaling approximately Rs 32 billion to exporters on November 1, 2024. These refunds are for payment orders (RPOs) processed under the FASTER (Fully Automated Sales Tax e-Refund) system by September 30, 2024. This initiative, directed by the Chairman of FBR, aims to ease financial pressure on the export sector by clearing long-standing refunds, enhancing liquidity for exporters, and supporting overall economic growth.
The FASTER system was implemented to streamline the refund process, enabling quick and efficient reimbursement of sales tax credits to exporters. By facilitating this prompt issuance of RPOs, the FBR intends to sustain export activities, especially by aiding cash flow in the industry. This move is part of the government’s ongoing commitment to addressing exporters’ concerns and fostering an export-friendly environment.
