{"id":54699,"date":"2019-08-28T12:48:45","date_gmt":"2019-08-28T12:48:45","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=54699"},"modified":"2020-01-27T07:55:14","modified_gmt":"2020-01-27T07:55:14","slug":"fbr-develops-faster-refund-payments-system","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-develops-faster-refund-payments-system.html","title":{"rendered":"FBR develops \u2018FASTER\u2019 refund payments system"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has developed its refund payment system, titled \u2018Fully Automated Sales Tax e-Refund (FASTER)\u2019, for facilitating the release of reconciled refunds to exporters, according to a news source. This advanced system is expected to be launched today (Tuesday).<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/applications-all-sales-tax-refund-claimants-cleared-fbr.html\" target=\"_blank\" rel=\"noopener noreferrer\">Applications of all sales-tax refund claimants cleared: FBR<\/a><\/p>\n<p>A department official confirmed the launch; saying that after the system\u2019s implementation, the first batch of refunds amounting to millions will be released to exporters \u2013 with special focus on five major export-oriented sectors in which <a href=\"https:\/\/www.zameen.com\/news\/exporters-insist-zero-rating-incentive.html\" target=\"_blank\" rel=\"noopener noreferrer\">zero-rating regime<\/a> was abolished in the budget of FY 2019-20.<\/p>\n<p>The total demand of refunds stands at PKR 1.2 billion, but the reconciled amount will be somewhere in millions to be released through the FASTER system.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-notifies-importers-regarding-new-retail-clearance-regime.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR notifies importers regarding new retail clearance regime<\/a><\/p>\n<p>As per the official, despite the concerns of exporters about the billions in funds that might lead to the creation of liquidity crunch, the department\u2019s IT-based system for payment of refunds is likely to ensure the success of abolishing zero-rating regime for the five export-oriented sectors. Moreover, this system will provide safeguard against flying or fake invoices, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has developed its refund payment system, titled \u2018Fully Automated Sales Tax e-Refund (FASTER)\u2019, for facilitating the release of reconciled refunds to exporters, according to a news source. This advanced system is expected to be launched today (Tuesday). Read:\u00a0Applications of all sales-tax refund claimants cleared: FBR A department official confirmed the launch; saying that after the system\u2019s implementation, the first batch of refunds amounting to millions will be released to exporters \u2013 with special focus on five major export-oriented sectors in which zero-rating regime was abolished in the budget of FY 2019-20. The total demand of refunds stands at PKR 1.2 billion, but the reconciled amount will be somewhere in millions to be released through the FASTER system. Read:\u00a0FBR notifies importers regarding new retail clearance regime As per the official, despite the concerns of exporters about the billions in funds that might lead to the creation of liquidity crunch, the department\u2019s IT-based system for payment of refunds is likely to ensure the success of abolishing zero-rating regime for the five export-oriented sectors. Moreover, this system will provide safeguard against flying or fake invoices, he added.<\/p>\n","protected":false},"author":75,"featured_media":22258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12731],"persona":[],"class_list":{"0":"post-54699","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-fbr-develops-faster-refund-payments-system","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR develops \u2018FASTER\u2019 refund payments system - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has developed its refund payment system, titled \u2018Fully Automated Sales Tax e-Refund (FASTER)\u2019, for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-develops-faster-refund-payments-system.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR develops \u2018FASTER\u2019 refund payments system - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has developed its refund payment system, titled \u2018Fully Automated Sales Tax e-Refund (FASTER)\u2019, for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-develops-faster-refund-payments-system.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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