The Federal Board of Revenue (FBR) has paid Rs 98 billion refunds during first six months of current fiscal year as compared to Rs 31 billion in the same period last fiscal.
According to details issued by the FBR here on Thursday, the issue of liquidity problem due to imposition of sales tax on previously zero-rated sectors was raised in the standing committee meeting. The FBR acknowledged the issue and explained that in first 6 months, Rs 98 billion refunds have been issued as opposed to Rs 31 billion last year. Most of these refunds have been given to exporters including encashment of refund bonds issued last year. FBR has also issued refunds through FASTER system without human intervention worth 11 billion against claims of 15 billion.
It was also emphasized that if the government on one hand has brought the export oriented sector under VAT regime, it has heavily facilitated the sectors by providing sizable subsidy on gas and electricity despite a very narrow fiscal space available to it. So the perception conveyed is a bit misleading and the federal government and FBR are trying to provide maximum facilitation to businesses in a collaborative and consultative process, the FBR added.-PR
Comments
Comments are closed.