FBR to release year 2020 tax refunds amounting to over Rs4b

KARACHI: The Federal Board of Revenue (FBR) has announced Monday releasing income tax refunds for the present year noting it received return claims to the tune of Rs74 billion, ARY News reported.

For the ongoing year, said revenue watchdog FBR, we received over 6,000 claims that translate to a total of Rs74 billion. However, the board underlined that out of the total claims it lodged the claims amounting to Rs4.25 billion and will process them by the end of next month.

No due refunds should be withheld, the taxation body noted.

It said it has directed the offices to conclude the refunds of said requests shortly setting a deadline of January 31, 2021 before which to finish the last claim.

The board’s notification said that timely refunds will ward off unnecessary complaints against them for delayed processing of refund applications.

READ: Half of revenue collection being used for debt repayment: PM

Separately earlier, it maybe noted that Prime Minister Imran Khan said the government has very little left to spend on the people because half of its revenue collections are being used for debt repayment.

In a Facebook post on Sunday, the prime minister said: “I am aware of the needs of the people, but when the ‘corrupt’ rule the country, the entire system under which people’s needs should be serviced is destroyed.”

“The government has ‘very little’ left to spend on the people due to half of its collections being used for debt repayment in the first year and in the second, even more than that due to accrued interest,” he said.