ByIslamabad, Pakistan: The Federal Board of Revenue (FBR) has announced a significant improvement for exporters by allowing them to avail sales tax refunds within 72 hours through the “FASTER” system.
Effective October 1, 2024, all types of exporters can benefit from this expedited refund process. Previously, the “FASTER” system was limited to five export-oriented sectors: textile, carpets, leather, sports goods, and surgical instruments. Pro Pakistani
The FBR has amended the Sales Tax Rules, 2006, through the issuance of S.R.O. 1507 (I)/2024, to enable this expanded access to the “FASTER” refund facility.
The new rules apply to refund claims filed from July 2019 onwards by the five export-oriented sectors and to all exporters from October 1, 2024.
This significant change will streamline the refund process for exporters, allowing them to receive their refunds more quickly and efficiently. This will benefit businesses and boost exports, contributing to Pakistan’s economic growth.
