INTRODUCTION OF THE SALES TAX / INCOME TAX / FED ONLINE REFUND SYSTEM OF FBR
The Federal Board of Revenue (FBR) has just implemented and launched a fully centralized and automated system. For online transfer of Sales Tax, income tax and FED e-Refunds via FASTER system. It’s purpose is also to facilitate exporters for urgent issuance of sales tax refunds.
FBR will adopt a predefined mechanism for transfer of amount of tax refunds. Where, after examination of data and verification by the system. Due refund amount shall be computed on the basis of predefined SOPs.
FBR will generate refund payment order (RPO) of the refund amount and will electronically communicate direct to the State Bank of Pakistan for transfer of refund amount. State Bank of Pakistan will then within 72 hours of intimation from FBR will credit into the existing account (in the IRIS profile) of the taxpayer.
MECHANISM OF TRANSFER OF REFUNDS BY FBR
As a Centralized System for online payment of Sales Tax / FED / Income Tax refunds devised by the FBR. So FBR requested the taxpayers to update their information as available in the IRIS profile. Federal Board of Revenue (FBR) advised to the taxpayers to change the profile as soon as possible to avail the payment of online sales tax / FED / Income Tax refunds via using electronic transfer facility.
Bank account details area in the iris profile system of FBR required IBAN detail including Bank’s IBAN number, bank account No, which already exists in IRIS profile to transfer Tax refunds amounts.
Follow the steps to update the required information: Bank Account with IBAN No:
Step-1 – Login to Iris system of FBR ( https://iris.fbr.gov.pk/public/txplogin.xhtml )
Step-2 – Click on “My Profile”
Step-3 – System will automatically load taxpayers information as given in the iris system of FBR. In case of Intermediaries, they shall provide CNIC No and NTN for AOP / Pvt Company / Foreign Individual and then click to proceed further.
Step-4 – “Bank Accounts” tab will show already added bank accounts (if exists). You may click on “Edit” tab to select & modify your existing bank account information. or click on “+” icon to add any new account bank account data. Provide 24 digit IBAN No and click on “Ok” Button.