FBR amends refund process to facilitate exporters.

ISLAMABAD -- The FedeAral Board of Revenue (FBR) has made changes in the procedure for automatiAcally processing refunds for five sectors in what it says is a step taken to facilitate exporters.

The FBR's Sales Tax General Order No. 09 states that the changes will be applicable from of March 2023 and will facilitate the cash-flow requirements of exporters, especially those operating in the textile sector. The amendments have been introduced through the automated Sales Tax e-Refund System (Faster).

Under the amended process, the value addition check will be 15 per cent both for exports and local supplies for filing of Annex-H for the current tax period.

The total amount of refund paid against the claims filed and processed will not exceed the lower of the two amounts; namely, the amount of input tax actually consumed in goods as exported/supplied at zero-rated rate, or 12pc of exports.

Inadmissible inputs in terms of Section 8 of...