Finance adviser directs to issue sales tax refund bonds to claimants

ISLAMABAD (92 News) – Adviser on Finance Dr Abdul Hafeez Shaikh has directed to issue sales tax refund bonds to the claimants through Central Depository Company (CDC) on Friday. Speaking at a ceremony held at Ministry of Finance, the finance adviser said that the government decided to issue sales tax refund bonds to the claimants in order to facilitate businesses, particularly exporters, and resolve the problem of long outstanding refunds. Hafeez Shaikh said that the bonds amounting to seven billion rupees are being issued in the first tranche. This issuance shall benefit 90 claimants. He also said that FBR is planning another issuance next month. He advised the claimants to exercise their option for issuance of bonds and provide their CDC accounts to FBR so that they can be accommodated in the next issuance. Hafeez Shaikh said that the bonds amounting to Rs7 billion were being issued in the first tranche and this issuance shall benefit 90 claimants. Earlier on March 4, the Federal Board of Revenue (FBR) had issued an advice to the State Bank of Pakistan (SBP) for making payment of sales tax refunds amounting to Rs7,236 million to facilitate the exports. The payment would benefit 898 claimants involved in exports of textile, carpets, leather, sports goods, surgical instruments, rice, food items, machinery and other items, said FBR statement. The refund had been paid against 2,637 refund payment orders issued up 30 th January, 2019, it had added.