ISLAMABAD: The government released Rs163 billion worth of tax refunds in 2019-20.
Advisor to PM on Finance Abdul Hafeez Shaikh that the tax refund during this year is bigger than last year’s Rs101 billion. Rs 100 billion of the amount were released under the special relief package announced by Prime Minister Imran Khan amid coronavirus outbreak in the country.
Shaikh added that refunds of Rs52 billion were made to industries in terms of general sales tax while Rs10 billion of the tax refund was released for exporters under Fully Automated Sales Tax e-Refund (FASTER) system. He said that Rs 15 billion refunds were given in terms of duty draw back while Rs 20.5 billion of the refund was made under Local Taxes and Levies (DLTL) scheme.
The advisor met with the business community members and inquired regarding impact of coronavirus pandemic on the business activities. Hafeez Shaikh directed Federal Board of Revenue (FBR) to expedite the refund process and hoped that exporters would fulfill their promises with the government as soon as the coronavirus crisis was over.
