Islamabad: The Federal Board of Revenue (FBR) recently introduced an online tax refund system aimed at making the refund process even more effective – a news source reported.
Under the new system, the tax-payers who have updated their IBAN numbers on the FBR’s IRIS portal will see their tax refunds directly transferred to their bank accounts. Their income tax returns will also be paid through the IBAN. The FBR has also introduced the facility of online payment of custom duties by exporters.
In a related news, the FBR and the government is also looking into a proposal about increasing the excise duty on tobacco. Reportedly, the board may be able to increase revenue from this excise duty by as much as PKR 260 billion.
The government has recently been looking into different proposals aimed at achieving its revenue collection target of more than PKR 5 trillion — a nearly 30% increase from the target set for the current fiscal. Consequently, a number of plans are under consideration to boost revenue during the upcoming fiscal year.
