Govt releases refunds worth Rs6 billion

ISLAMABAD: The Ministry of Commerce has released refunds to the tune of Rs6 billion under the Drawback of Local Taxes and Levies (DLTL) schemes, the Prime Minister’s aide on Commerce and Investment Abdul Razak Dawood said on Thursday.

In a Twitter statement, the adviser said Rs5.4 billion worth of refunds were released for the textile sector and Rs. 600 million refunds for non-textile sectors.

“I hope this will resolve the liquidity issues of our exporters amid COVID-19 pandemic and enable them to enhance exports,” he added.

Pleased to announce that MOC has released the new refunds worth Rs. 6,000 million under the DLTL schemes. This includes Rs. 5,400 million for textile sector and Rs. 600 million for non-textile sectors.

— Abdul Razak Dawood (@razak_dawood) September 23, 2021

It is noteworthy that Federal Board of Revenue (FBR) has established a central system to transfer tax refunds directly to the taxpayers’ bank accounts.

According to details provided at the tax collection body’s Twitter account, the tax refund for sales and income taxes and federal excise duty would be directly transferred to the taxpayers account.

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“All taxpayers are directed to update their IRIS profile and provide IBAN number along with other details of the bank accounts,” the FBR spokesman said.

The tax refund cheques will directly be transferred to the taxpayers’ accounts.