Hubco to get Rs 1.912 million refund

The Hub Power Company (Hubco) is all set to receive a refund of Rs 1.912 million it had paid to the Federal Board of Revenue (FBR). The power producer was entitled to the tax refund by the Supreme Court which Hubco, in a stock filing said, dismissed the civil review petitions filed by the FBR and had maintained its earlier decision in favour of it. The court favourable verdict helped HUBC rally to gain 2.6 percent on the Karachi stocks market on Wednesday. "The company shall be entitled to receive a refund of Rs 1.912 million," it said.