FBR's online refunds payment system fails: PHMA.

ISLAMABAD -- The Pakistan Hosiery Manufacturers and Exporters Association on Saturday expressed its disappointment over the performance of the Federal Board of Revenue's Fully Automated Sales Tax e-Refund (FASTER) System, calling for a new and foolproof system for full and speedy payment of refunds, as the commitment of the FBR to release exporters' refunds within 72 hours has not been fulfilled completely.

PHMA vice chairman Shafiq Butt criticised the Federal Board of Revenue for not issuing billions of rupees refunds to exporters despite promises, urging Prime Minister Imran Khan for his directives to the tax agency to remove bottlenecks from the new refund payment system of the FBR. He asked the PM to also get his directives implemented on immediate basis and in their true spirit, as the exporters are facing a severe liquidity crunch due to delay in payment of sales tax refunds despite launch of new system by the FBR.

Shafiq Butt said that the FBR had claimed that it would pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of claims. However, at the initial stage exporters...