ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday cleared Rs15.6 billion in sales tax refunds against 8,415 refund payment orders (RPOs), said Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance and Revenue.
The adviser in a Tweet said: “The FBR has cleared Rs 15.6 billion today in Sales Tax refunds against 8415 Refund Payment Orders (RPOs) to enhance the liquidity of businesses and economic activity in the country.”
He further said that this is on top of Rs5.4 billion refunds cleared as bonds and adjustments.
The adviser in his tweet on September 02, 2019 informed about the important decision by the government on tax refunds for the promotion of economic activity in the country and to provide liquidity support to business.
In his earlier message he said that Rs22 billion of verified sales tax refunds for all years to be released immediately.
Around 1.7 billion of income tax refunds (up to Rs one lakh) for all years to be released immediately.
The verification process for other outstanding refunds to be expedited. And it is also decided that income tax refunds between Rs100,000 to Rs500,000 for all years will be paid next month.