FBR has earlier clarified that submission of Annex-H, which is a form in the monthly sales tax return, will be treated as submission of the refund
Adviser to Prime Minister on Finance and Revenue Dr.Abdul Hafeez Shaikh said that government has taken an important decision on Tax Refunds
for the promotion of economic activity in the country and to provide liquidity support to businesses.
Replying to a question, FBR official said that total refunds
claims were recorded to Rs170 billion, adding that the government had introduced refund
bonds for the payment of outstanding claims of the businessmen.
Moreover, parts of the refund
claims that are non-verifiable or not found admissible will be subject to system validation checks every week and the RPO shall be generated for the amount found valid during each scrutiny, according to the draft.
The 34-year-old Filipino forged electronic documents on his company's system, which refunds
value added tax (VAT) to travellers at Dubai International Airport.
The average tax refund
check is down 8 percent ($170) this year versus last, the IRS reported recently, and the number of people receiving a refund
has dropped by almost a quarter.
PIAF chairman Mian Nauman Kabir also appreciated FBR's move for issuing instructions to all chief commissioners of LTUs and RTOs to urgently issue refund
payment orders of admissible sales tax refund
claims before issuance of the first batch or promissory notes (Refund
Bonds) by February 14, 2019.
The PIAF chairman said that the businessmen were bearing huge financial costs on their own hard earned stuck-up money; therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds
as promised by the government through promissory notes.
The reforms also included a plan to conduct a risk-based post audit to do away with the tedious process of auditing claims before giving a refund
; and the implementation of an electronic invoicing and receipts system.
He said this ensures that money is available for VAT refunds
The pending GST refund
claims amounting to Rs 6,053 crore are being expeditiously processed so as to provide relief to eligible claimants, while refund
claims without any deficiency are being cleared expeditiously, the Ministry of Finance said in an official statement.
Gary Byrne, director of new markets and group strategic partnership at Planet, said the daily maximum VAT refund
for tourists has been capped at Dh10,000 in cash.
Summary: Visitors will be able to claim refund
via credit card or in cash through a global operator
Lim said the consideration was made following revelation that the previous Barisan Nasional (BN) government had allegedly failed to refund
the excess income tax and real property gains tax paid by taxpayers, which totalled RM16.046 billion as of May 31, 2018.
As part of the continued focus of the government to liquidate pending GST refunds
, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the third refund
fortnight from 16th July, 2018 to 31st July, 2018.