Islamabad: The Federal Board of Revenue (FBR) recently notified the resolution of 3,485 sales and income tax refund claims, corresponding with the dispensation of up to PKR 70 billion, during the July-February tax period, a news source reported. As per the publication, the tax authority cleared 1,256 cased lodged by traders and exporters by issuing PKR 23.49 billion in income tax refunds; with a further claims adjustment of PKR 34.23 billion during the said time frame. Overall, the board resolved 2,229 cases pertaining to sales tax refunds — followed by a clearance of PKR 26.517 billion.
Reportedly, for income tax up to PKR 10 million, the board reviewed 1,127 refund claims, and adjusted PKR 2.13 billion and returned PKR 688.37 million. In a similar fashion, the board received 105 claims regarding income tax refund claims between the range of PKR 10 million to PKR 100 million, for which the authority issued PKR 3.251 billion in returns and adjusted PKR 8.263 billion. Within the range of PKR 100 million to PKR 500 million, the board resolved 14 income tax claims and it issued PKR 3.16 billion and adjusted PKR 10.467 billion.
Reviewing the sales tax figures, the board received 1629 refund claims from the PKR 10 million tax bracket and the authority issued PKR 3.918 billion in returns. In the range of PKR 10 million to PKR 100 million, 514 refund claims related to sales tax refunds were received and the authority issued PKR 15.18 billion in returns. In the range of PKR 100 million to PKR 500 million, the authority received 71 cases and it issued PKR 13.019 billion in returns. Above the PKR 500 million mark, a total of 15 claims were received and the board released PKR 14.4 billion against the claims during the July- February period.
