REF. NO. PHMA-086/2016 DATED: 2 November, 2016

Ref. No. PHMA/Cir-086/2016
Dated: 2^nd November, 2016

 TO ALL MEMBERS OF THE ASSOCIATION

URGENT & IMPORTANT

UPDATE IBAN NUMBER IN YOUR SALES TAX PROFILE

TO GET THE SALES TAX REFUND PAYMENTS THROUGH NEW ONLINE SYSTEM

We are pleased to inform to all our valued members that Finance Minister Ishaq Dar announced that pending refund up till June 2016 of which RPO has issued of the entire export sector - Rs 25 billion - would be transferred online to exporters'' accounts in next seven days and State Bank of Pakistan (SBP) would transfer the amount to the exporters'' accounts on behalf of Federal Board of Revenue (FBR).

The government has introduced a new system for payment of refunds and from now onward refund payment would be made through this system.

Sales Tax Refund Claimants are required to update their 24 digit IBAN Bank Accounts number for Direct Credit of Sales Tax Refunds. (IBAN Account number is mentioned on cheque books). Guidelines of how add IBAN attached.

From 3^rd November, 2016, SBP  will issue payment through new system.

Therefore members are advised to update the IBAN number in your Sales Tax Profile at www.e.fbr.gov.pk latest by today morning to get the Sales Tax Refund payments through new online system otherwise payments would not be received.

Thanks & Best Regards,