FBR releases Rs 65bn dues to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) said that it has released all dues exporters amounting to Rs 65 billion as of 3^rd March 2024.

A press release from FBR stated that the refunds were made in response to orders granted by Prime Minister Shehbaz Sharif during his maiden floor speech in the National Assembly on March 3, 2024, the day he was elected.

The FBR maintained that better exports and an increase in Pakistan’s foreign exchange reserves are expected as a result of the refunds given to exporters.

Meanwhile, the trade associations and industries focused on exports have applauded the prime minister’s action, stating that it will boost the economy and generate additional employment opportunities in the textile sector.

Earlier on February 21, the FBR revealed that it collected Rs.5.150 trillion from July 2023 to mid-February 2024 against Rs.3.973 trillion over the same period last fiscal year, showing growth of 30 percent.

Overall growth in the domestic taxes has been around 40%, while import duty and related taxes grew by 16% over July 2023 to January 2024 period.

The growth in revenues gained momentum as GDP has revived and FBR collection has come under tighter scrutiny.