FBR advises taxpayers to provide IBAN for transfer of refunds electronically

ISLAMABAD: FBR on Wednesday has devised a centralized system of online payment of Sales Tax, FED and Income Tax refunds directly in the bank account of the taxpayers. For this purpose, FBR has requested the taxpayers to update their IRIS profile.
In the given bank account details area in the system, IBAN detail row is added wherein 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 Sales Tax, FED and Income Tax refund cheques. FBR has advised the taxpayers to do the needful as soon as possible to avail electronic transfer facility
Likewise, FBR has also required from the exporters to update their WEBOC profile and provide IBAN of the same Bank Account whose details are already available in WEBOC profile of the exporters to receive Custom Duty Drawback. FBR has required the information to be provided as soon as possible to avail electronic transfer facility for Customs Duty Drawback payments.
Meanwhile, The Chairman SECP called upon the Chairperson FBR today to discuss a number of taxation policy reforms that are essential for the development of Pakistan’s capital markets, corporate sector, non-banking finance industry, REIT and insurance sector.
While presenting the proposals, the SECP chair highlighted key issues and challenges being faced by the SECP regulated sectors due to prevailing taxation regime. He emphasized that growth and development of the formal economy was largely dependent on providing a level playing field where individuals and businesses were encouraged to participate through regulated and documented sectors of the economy.
The Chairperson FBR while discussing the proposals agreed that documentation of the economy was a key priority of the government. Development of the formal economy through fiscal incentives and removal of taxation anomalies could ultimately increase the country’s overall revenue generation capacity.
It was agreed that the SECP and FBR would meet again, within a fortnight, to take the discussions forward.

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