Federal Board of Revenue (FBR) has devised a centralised system of online payment of Sales Tax, Federal Excise Duty (FED), and Income Tax refunds directly in the bank account of the taxpayers.
FBR has requested the taxpayers to update their IRIS profile for this purpose. A new IBAN row is added in the provided bank account details section in the system.
Taxpayers are required to add their complete bank’s IBAN number of same bank account whose details are already available in IRIS profile to receive tax refund cheques. FBR has advised the taxpayers to do the needful as soon as possible to avail electronic transfer facility.
Meanwhile, FBR has released the latest information relating to the issuance of Refunds through FASTER (Fully Automated Sales Tax E-Refund System).
As per record, since July 2019, a total of refunds amounting to Rs64.5 billion were claimed through FASTR System.
Out of these processed cases, refund payment of Rs51.5 billion have been made to the exporters and businessmen so far. The remaining unpaid refund cases have been withheld due to incomplete data provision.
