ISLAMABAD: The Federal Board of Revenue (FBR) has cleared Rs15.6 billion sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters.

Adviser to Prime Minister on Finance Dr Hafeez Shaikh on Wednesday tweeted that the amount is released against 8,415 Refund Payment Orders to enhance the liquidity of businesses and economic activity.

He said this was on top of Rs5.4bn refunds cleared as bonds and adjustments.

Under the new system, the FBR encourages the exporters to submit their claims in form Annex-H at the earliest so that their claims can be processed and paid.

On Sept 2 the FBR also announced the release of sales tax refunds. However, it did not mention the amount released in its official statement.

Published in Dawn, September 12th, 2019