Govt releases income tax refunds worth Rs23 billion

KARACHI: The Federal Board of Revenue (FBR) said that the government has released refunds of sales and income tax worth more than Rs23 billion.

According to the FBR statement, the decision was taken in order to provide liquidity support to businesses and promote economic activities in the country.

The board revenue said that the government decided to issue verified sales tax refund of Rs22 billion for all the years.

According to the statement, a verified income tax refund of Rs1.7 billion (every case up to Rs100,000) has also been released for the taxpayers. It said the verification process for the remaining outstanding refunds was being expedited vigorously.

Furthermore, the government has planned to issue outstanding verified refunds between Rs100,000 to 500,000 for all the years in the next month.

Earlier on Monday, FBR Chairman Syed Shabbar Zaidi posted the news about achieving 90 percent revenue collection. 

He said in a tweet said, “So far, FBR’s target for FY2019-20 has been achieved to the extent of 90 percent, that is Rs.580 billion against the target of Rs. 644 billion.”