FBR Launches Accelerated Refund System for Exporters to Boost Industry Competitiveness

FBR introduces new refund system for exporters effective from October 1, 2024
The updated “FASTER” system allows all categories of exporters to receive sales tax refunds within 72 hours
Previously limited to five sectors, now open to all exporters to benefit from accelerated refund process
Change enacted through SRO 1507 (I)/2024, broadening scope for refunds from July 2019 onward
Procedure extends to manufacturers and commercial exporters, with commercial exporters needing export proceeds realization certificate
Claims not meeting criteria processed through STARR system
Refunds for goods supplied at zero-rate restricted to input tax paid on purchases actually consumed in manufacturing
Expansion of FASTER system expected to boost Pakistan’s export sector and improve competitiveness in international markets.

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.