- The Federal Board of Revenue (FBR) has introduced a special procedure for sales tax refunds in the pharmaceutical sector.
- The new rules apply to refund claims starting from January 15, 2022.
- Registered individuals involved in the import or supply of zero-rated drugs are eligible for refunds.
- The total refund amount paid will be based on the input tax consumed or a determined ceiling set by the Board.
- Refund claims will be filed using monthly national sales tax return data, with no separate electronic submission required.
- Risk management will be implemented in the refund processing, with claims meeting parameters processed through the FASTER PHARMA module.
- Claims not meeting parameters will be processed under Chapter V.
- Claims processed through the FASTER PHARMA module will be electronically scrutinized and verified, with the refund payment order generated and sent to the State Bank of Pakistan for credit to the claimant’s account.
- Claims not verified or found inadmissible will be processed under the STARR module.
- Miscellaneous provisions related to bank advice transmission, post-refund scrutiny, and supportive documents will apply to refund claims under this chapter.
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.
