FBR barred from withholding refunds above Rs390bn
ISLAMABAD: The government has agreed with the International Monetary Fund (IMF) to limit the Federal Board of Revenue’s (FBR) outstanding tax refund stock to Rs390 billion, effectively barring the tax machinery from withholding refunds beyond the agreed ceiling. This was revealed by senior FBR officials while briefing the Senate Standing Committee on Finance and Revenue, which met with Saleem…
The government has reached an agreement with the International Monetary Fund (IMF) to cap the Federal Board of Revenue's (FBR) tax refund stock at Rs390 billion. This means the tax authorities will no longer be able to withhold refunds beyond this limit, as revealed by senior FBR officials during a meeting with the Senate Standing Committee on Finance and Revenue.
Earlier, the FBR had paid out refunds totaling Rs500 billion in the previous fiscal year. The Ministry of Finance and Revenue has instructed the FBR to resolve the issue of delayed tax refunds within one month. The Committee also discussed the payment of honorarium to medical staff deployed during the Budget Session in Parliament House, which has now been resolved.
The Committee received updates on the processing of tax refunds, noting that Rs197 billion were disbursed in the first two months of the current fiscal year, an increase of Rs40 billion compared to the same period last year.
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