- The National Board of Revenue (NBR) has launched an e-VAT refund system, allowing VAT refunds to be credited directly to taxpayers’ bank accounts.
- The new system aims to replace the slow, manual, and corruption-prone refund process, with plans to include other taxes in the future.
- Businesses expect the online system to save time, reduce harassment, and cut costs, as refunds can now be processed within 10 working days without physical visits.
- Significant amounts of VAT refunds have remained unpaid for years, causing financial strain and additional costs for businesses.
- Experts believe the initiative could rebuild trust between taxpayers and the revenue authority if implemented effectively.
Source: tbsnews.net
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.
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