14pc rise YoY: Jul-Jan: FBR pays Rs 208 billion refunds

ISLAMABAD: The Federal Board of Revenue (FBR) has paid refunds of Rs208 billion during July-January (2022-23) against Rs 183 billion paid during same period of 2021-22, reflecting an increase of 14 percent.

According to the FBR’s latest data, FBR has not stopped short of taking care of exporters’ liquidity problems and has issued refunds of Rs.208 billion during the first seven months of the current financial year as against Rs. 183 billion during corresponding period of last year which is 14 percent more than the previous year’s issued refunds.

On the customs side, the FBR’s rebate payment system is fully automated for the exporters. Under the risk-management system, all low risk cases of exporters are automatically sanctioned rebate. Nearly 60-70 percent of the rebate cases are cleared through the low risk system.

There are around 30 percent rebate cases which require scrutiny.

During the first six months (July-December) 2022-23, the FBR has paid duty drawback of Rs 15.5 billion to the exporters through automated system.

Copyright Business Recorder, 2023