ISLAMABAD: The Federal Board of Revenue (FBR) has issued all outstanding refunds as on March 3, 2024 to exporters amounting to Rs65 billion.
The break-up of refunds revealed that Rs60 billion refunds have been issued under the head of sales tax whereas Rs5 billion refunds have been released within the category of income tax.
The refunds were issued after directives given by the Prime Minister Muhammad Shehbaz Sharif, during his first speech at the floor of the National Assembly on March 3, 2024 after being elected to the Office of the Prime Minister.
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Refunds issued to exporters will lead to better exports and increase in forex reserves of Pakistan. Trade bodies and export oriented sectors have welcomed the move by the Honourable Prime Minister and said that the move will lead to economic prosperity and creation of more jobs in the textile industry.
Copyright Business Recorder, 2024
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