ISLAMABAD: The government has released 100 billion rupees to industry in tax refunds under the stimulus package worth Rs1,240 billion announced by the prime minister in response to the coronavirus crisis.
Advisor to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in a statement termed it as an unprecedented step taken by the government to support business and employment in difficult times.
Dr Hafeez Shaikh said the tax refunds released to the industry are the highest in the country’s history. He further said the stimulus package aims to address the liquidity challenges faced by the industry.
During the current fiscal year, the government has so far released Rs163 billion in tax refunds to industry under GST and income tax, which is over 61 percent increase from 101 billion rupees released in last fiscal year.
Meanwhile, Federal Board of Revenue (FBR) has appealed taxpayers to pay their taxes in time to increase revenue resources for f the government.
In a statement, the FBR said the government will utilize all available resources to provide services to the people under the prevailing situation of Covid-19. It further stated that the staff and officers of FBR are performing their duties diligently during lockdown despite the viral outbreak in the country.
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