Karachi, March 5, 2024 – The Ministry of Commerce in Pakistan has intensified efforts to address the liquidity challenges faced by the textile industry, a key sector in the country, by gathering details of outstanding tax refunds and drawbacks.
Chartered Accountants in Pakistan have raised concerns over the delayed refund payments by the Federal Board of Revenue (FBR). The Institute of Chartered Accountants of Pakistan (ICAP) has proposed that the FBR should pay interest at the Karachi Interbank Offered Rate (KIBOR) plus 3 percent for delayed 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]