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Pakistan Business Council Welcome SBP’s Move to Automate Rebates and Sales Tax Refunds

PBC in a tweet said, “PBC welcomes State Bank of Pakistan move to automate rebates, duty drawback and sales tax refunds by eliminating human intervention.

This will greatly add liquidity, bring down the cost and make it easier to do business. kudos to Dr Reza Baqir and his team.”PBC tagged Adviser to Prime Minister on Finance and Revenue, Abdul Hafeez Shaikh and Adviser to Prime Minister of Pakistan for Commerce and Investment, Abdul Raza Dawood in the tweet also.

Earlier, PBC participated as guest in the third meeting of the Pakistan Regulatory Modernization Initiative of the government to simplify, make it easier, less costly and faster to do business.

PBC suggested bottoms-up and sectoral approach to identifying issues. In March this year, government said that new export policy had decided to develop an automated system for payment of customs rebate and drawback of local taxes and levy (DLTL) keeping in view the ever increasing volume of rebate claims amid worries of exporters.

Under the new system, the State Bank of Pakistan would automatically pay duty drawback and DLTL to exporters through software without human involvement.

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