- The Federal Board of Revenue (FBR) has introduced a new compensation mechanism for delayed sales tax refunds.
- The compensation will be linked to the Karachi Interbank Offered Rate (KIBOR).
- The aim is to streamline and expedite the refund process and provide relief to businesses facing delays.
- Taxpayers awaiting refunds will be entitled to receive an extra amount equivalent to KIBOR per annum for the duration of the delay.
- Safeguards are in place to prevent misuse of the compensation mechanism.
- Businesses are advised to stay informed about the changes and leverage their rights under the updated Sales Tax Act, 1990.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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