ISLAMABAD: The Federal Board of Revenue (FBR) has issued refunds to the tune of Rs. 144 billion from July to December 2020, against only Rs. 76 billion during the same period of last year, showing an increase of 89 percent.

According to press release issued by the board, the healthy figures of refunds issuance have greatly boosted the economic activity in the country.

Despite increase in refunds, the FBR had still managed to cross the revenue collection in the first five months of current year.

The statement added that the appreciable performance by the board had been achieved despite the fact that the economy had been sluggish in the wake of on-going Covid-19 pandemic.

Moreover, the government had extended significant tax relief measures for the public in the Finance Act-2020, it added.