FBR issues rules for centralized payment of income tax refunds

Nov 20

Taxation

FBR issues rules for centralized payment of income tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued draft rules for issuance of centralized payment of income tax refund. The FBR issued SRO 1239(I)/2020 to issue draft amendment to Income Tax Rules, 2002. According to the rules, the FBR shall establish a Centralized Income Tax Refund Office (CITRO) for centralized payment of refund amount […]

by Anjum Shah

FBR sets up cell to probe bogus refund claims

Oct 1

Taxation

FBR sets up cell to probe bogus refund claims

ISLAMABAD: Federal Board of Revenue (FBR) has established a cell to probe fake refund claims in order to make system transparent. In an official order issued on Thursday, the FBR said that to streamline the payment of refund claims and to initiate enforcement measures to minimize the risk of inadmissible refund claims, a system based […]

by Anjum Shah

FBR admits Rs232 billion payable as income, sales tax refunds

Aug 11

Taxation

FBR admits Rs232 billion payable as income, sales tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) on Monday admitted to pay an amount around Rs232 billion as sales tax and income tax refunds to taxpayers. The FBR disclosed the amount of payable refunds at a meeting that was chaired by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue. Muhammad Hammad […]

by Anjum Shah

RTO-III Karachi assures exporters of resolving pending issues on priority

Jul 27

Taxation, Trade & Industry

RTO-III Karachi assures exporters of resolving pending issues on priority

KARACHI: Dr. Amir Ali Khan Talpur, Chief Commissioner Inland Revenue, Regional Tax Office (RTO)-III, Karachi has assured the exporters of resolving pending issues on priority basis. “All the legitimate pending matters of exporters in the hands of Regional Tax Office-III shall be resolved on priority basis,” a statement issued by Pakistan Apparel Forum on Monday […]

by Anjum Shah

Hafeez Shaikh directs FBR to pay income tax refunds of up to Rs50 million

Jul 16

Taxation

Hafeez Shaikh directs FBR to pay income tax refunds of up to Rs50 million

KARACHI: Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue on Thursday directed Federal Board of Revenue (FBR) to make payment of all income tax refunds of up to Rs 50 million in the next couple of weeks. He advised the tax authority to adopt a clear roadmap and strategy for […]

by Anjum Shah

Exporters doubt refund payment release on FBR collection failure

Feb 26

Trade & Industry

Exporters doubt refund payment release on FBR collection failure

KARACHI: Exporters expressed concerns that their liquidity may be taken away by the government in shape of sales tax worth billions of rupees as Federal Board of Revenue (FBR) has failed to achieve its revenue collection target. Mian Anjum Nisar, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the exporters fear […]

by Anjum Shah

FPCCI demands immediate release of Rs250 billion tax refunds

Feb 25

Trade & Industry

FPCCI demands immediate release of Rs250 billion tax refunds

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday demanded the government to release Rs250 tax refunds of exporters without any further delay. FPCCI President Mian Anjum Nisar urged the Prime Minister of Pakistan Imran Khan and Advisor to the Prime Minister on Finance to honour their commitment of disbursing sales tax […]

by Anjum Shah

Feb 4

Taxation

FBR conducts audit of all refund cases

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that the tax machinery conducts audit of all refund cases. “It is baseless to assume that FBR does not conduct the scrutiny. The processing of the case may take time but it is certain that all refund cases are audited,” the FBR said. In this regard, […]

by Anjum Shah

Refunds of customs duties to be claimed within one year

Oct 9

Pakistan Customs

Refunds of customs duties to be claimed within one year

KARACHI: Federal Board of Revenue (FBR) has said that the refunds against customs duties would be paid if claims have been made within one year. The FBR issued Customs Act, 1969 updated till June 30, 2019 incorporating changes brought through Finance Act, 2019. The FBR explained through Section 33 of the Act that refunds f […]

by Anjum Shah