- 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.
Latest Posts in "Pakistan"
- National Grid Company Seeks VAT Exemption on Imported Equipment for Development Projects Amid Financial Strain
- Textile Council Urges PM to Declare Export Emergency Amid Plunging Exports and Widening Trade Deficit
- Pakistan Rolls Out Phased E-Invoicing Linked to VAT and Sales Tax Compliance
- Customs Inspector Suspended for Extortion and Misconduct at Islamabad Airport
- Customs Values of Imported Latex Rubber Threads Revised to Reflect International Price Trends
