Sales Tax Act, 1990

Chapter-X

MISCELLANEOUS

From: 2023-07-01 - To: 0000-00-00 1[67A. Payment of refund through sales tax refund bonds.- (1) Notwithstanding anything contained in section 67, the sales tax refunds payable under this Act may also be paid through sales tax refund bonds to be issued by FBR Refund Settlement Company 2[ ] Limited, in book-entry form through an establishment licensed by the Securities and Exchange Commission of Pakistan as a central depository under the Securities Act, 2015, (III of 2015), in lieu of payment to be made through issuance of cheques or bank debit advice. (2) The Board shall issue a promissory note to FBR Refund Settlement Company 2[ ] Limited, hereinafter referred to as the company, incorporating the details of refund claimants and the amount of refund determined as payable to each for issuance of sales tax refund bonds, hereinafter referred to as the bonds, of the same amount. (3) The bonds shall be issued in values in multiples of one hundred thousand rupees. (4) The bonds so issued shall have a maturity period of three years and shall bear annual simple profit at ten per cent. (5) The bonds shall be traded freely in the country’s secondary markets. (6) The bonds shall be approved security for calculating the statutory liquidity reserve. (7) The bonds shall be accepted by the banks as collateral. (8) There shall be no compulsory deduction of Zakat against the bonds and…