Exporters will receive Rs32 billion in tax refunds from the FBR.

According to the Federal Board of Revenue (FBR), on November 1st (today), the board would send exporters their outstanding sale tax refunds totaling Rs. 32 billion.

According to a statement from the FBR, this action follows the Chairman’s directive to expedite the execution of refund payment orders through September 30, 2024.

In addition, the Federal Board of Revenue (FBR) introduced a sophisticated Stock Register system through the Information Center 2.0 platform, which improves transparency and ensures adherence to Income Tax (IT) and Sales Tax (ST) laws by giving officers comprehensive, real-time access to registered persons’ data.

The system was established by the board under the chairman’s guidance, according to a news release, as part of FBR’s extensive digitalization initiatives to improve revenue collection and streamline tax administration.

As a sophisticated management information and reporting system, the system enables tax inspectors to safely access comprehensive stock data in order to enable accurate tax assessments and reduce the possibility of tax evasion.

Centralizing taxpayer profiles, the system provides comprehensive views of authorized representative profiles, summaries, and IT & ST filing histories. Comprehensive oversight capabilities are provided by tax and declaration comparisons, which further reinforce this integrated access.

Tax officers can enforce regulatory compliance and verify accurate stock and compliance reports by using the system to carefully record stock movements and capture crucial information including volumes, valuations, and transaction dates.