ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed field formations to provide lists of income tax refund cases of Rs50 million by August 16th for immediate issuance of pending refunds under the prime minister's package.

In this regard, the FBR has issued instructions to the Regional tax offices and large taxpayer units, here on Tuesday. Instructions issued by secretary (revenue budget) on the subject "Income Tax Refunds under Prime Minister's Covid-19 Relief Package - during Financial Year 2020-21", said, "I am directed to refer to our letter of even number, dated 30th July, 2020, on the subject cited above, and inform that Ministry of Finance has sanctioned another generous amount of Rs40 billion for quick release of refunds under Prime Minister Covid-19 package."

It added, "The field formations were already instructed to update lists of pending refunds claims upto Rs500 million in a year, and process them in the light of the given guidelines."

The instructions state, "The primary objective of the Package is to provide prompt relief to the taxpayers in times of economic duress in an utmost transparent and fair manner. For this purpose, whole process needs to be completed with due diligence and caution but in a most efficient manner to avoid any delays whatsoever as desired by the Adviser to Prime Minister on Finance and Revenue.

To serve the intended purpose of the Relief Package and supply an instant relief to the economy and the society, the whole exercise shall be strictly monitored and modulated with strict timelines. Field Formations are required to UPDATE and complete in all respects the lists of refund claimants on the format conveyed by the BOARD vide letter dated July 30, 2020, by August 13, 2020, positively."

Moreover, "Thereafter, Field Formations would submit on August 16, 2020 between 5 - 6 pm the following lists of Refund cases (to be processed in IRIS only by the Head Office) as under: i. Left over cases of up to Rs20 million refund claims, where verification process has now been completed and IBAN are updated and the Commissioners are satisfied as to their payment. ii. Cases where order submitted but refund could not be issued. iii. New cases of refund of up to 50 million (order to be kept in draft mode) that are duly verified and determined for payment."

"The requisite lists as mentioned above must be submitted in Finished and Final form on August 16 between 5-6 PM, and no work-in-progress list will be emailed / sent to the Board."

Copyright Business Recorder, 2020