FBR directed to clear all income tax refunds of up to Rs50m 

Hafeez Shaikh says govt will spend Rs40bn in the next two weeks to pay off all income tax refunds of up to Rs50m

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed the Federal Board of Revenue (FBR) to make payments of all income tax refunds of up to Rs50 million in the next couple of weeks while a clear roadmap and strategy may be adopted for the payment of remaining refunds.

“The government has a clear policy that all tax refunds, whether fresh or old, should be paid back without any excuse,” he said while chairing a meeting at the Finance Division. 

Industries and Production Minister Muhammad Hammad Azhar, Power Minister Omar Ayub Khan, Adviser to PM on Commerce Abdul Razak Dawood, Special Assistant to PM on Petroleum Nadeem Babar, NA Standing Committee on Finance and Revenue Chairman Faizullah Kamoka and FBR Chairman Javed Ghani were also present in person while a number of businessmen from different parts of the country attended the meeting on Zoom.  

Dr Abdul Hafeez Shaikh told the meeting that the government last year paid tax refunds to the tune of Rs140 billion, nearly double than the number of refunds paid in FY19. Similarly, the government had also started payment of income tax refunds, starting with payment of income tax refunds of up to Rs18 million in the first phase. 

He said income tax refunds of Rs50 million would be cleared in the next phase which would be completed within the next two weeks and a total of Rs40 billion would be spent to pay off all income tax refunds of Rs50 million. 

The meeting also discussed issues pertaining to the allocation of power and gas subsidy to the zero-rated and export sector and decided to convene another meeting to build consensus on using the Rs20 billion kept for the current year for the gas and power subsidy.

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