Saturday, 20 April 2024
Income Tax Refunds by FBR

Despite the obstacles, the FBR issued a Rs250b tax refunds

FBR Inland Revenue (Operations) member Dr Muhammad Ashfaq Ahmed has claimed that despite some minor discrepancies in the system, the Federal Board of Revenue (FBR) has paid tax refunds amounted to Rs 250 billion this year.

During a meeting with the business community at the Faisalabad Chamber of Commerce and Industry (FCCI), he appealed to every citizen to submit their tax returns.

Highlighting the issuance of notices to the IT sector. He clarified that tax authority has a constitutional and legal responsibility to ask for taxable amount. But It should not be termed as harassment. Ahmed noted that IT exports are exempt but at the same time, exporters are required to file a declaration and on this declaration, they can enjoy a discount.

Regarding the additional tax, the official said the board considering the impact on the overall economy. “If the FBR deems it possible within the system. It will try to provide maximum relief to those concerned,” he assured.

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He added that the FBR was making every effort to ensure prompt payment of refund claims. However, we refunded without undue delay and if any discrepancies identified at a later stage. The responsible elements should be punished in accordance with the law.

He appealed to the business community to help the FBR further improve the tax system. So that tax evaders could be separated from law-abiding citizens and severely punished. Ahmed added that smuggling from the borders of Iran and Afghanistan has been eliminated. But the real issue before the Board of Revenue is the announcement of Miss Invoicing.

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Income Tax Refunds | IT Sector | FBR | Federal Board of Revenue | Budget |

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