ISLAMABAD
Finance Minister Ishaq Dar, with the push of a computer button on Tuesday, electronically transferred Rs 26.43 billion worth of tax refunds into the bank accounts of exporters during an event held at the Federal Board of Revenue (FBR).
The amount was related to the refund payment orders (RPOs) issued until April 30, 2017. Addressing the fund transferring ceremony, Dar said that at least 10439 cases of refund claims were addressed so far with making a payment against RPOs amounting to more than one million each. Thousands of taxpayers will get their stuck refunds, it was assured.
“We have fulfilled the commitment made during budget 2017-18 by clearing refund claims till April 30,” he said, adding that the amount was being directly transferred to accounts of the taxpayers through State Bank of Pakistan (SBP). “Due to the holidays on August 12, 13, and 14, it was decided to make the payment today (Tuesday),” he said.
He said the government was committed to giving respect to the business community in order to mobilise them for the sake of increasing revenue and ensuring development. He said that tax collection has increased as a result of prudent policies of the government.
The minister said that economic growth in the country is 5.3 percent while the target of tax to GDP is 15 percent. He said that economy of the country is moving towards positive trajectory due to an effective strategy of the government. According to him, tax collection was increased to Rs 3362 billion in 2016-17 as compared to Rs 1946 billion collected in the financial year 2012-2013.
Earlier, addressing the event, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Tufail said exporters would get a sigh of relief after the payment of sales tax refund by the government which fulfilled its commitment by clearing the committed RPOs by mid-August. He hoped that new RPOs issued till June 30 would also be released soon.
On the occasion, FBR Chairman Tariq Pasha said though the release of a huge amount during July and August, when FBR usually faces short collection, was difficult due to the commitment made by the government all arrangements were made for the release of refunds. “FBR is committed to winning the confidence of tax payers, “he said, adding the newly-placed team at the FBR is making all-out efforts to get a clearer picture of stuck refunds to resolve liquidity problems being faced by the exporters.
