Islamabad: The Federal Board of Revenue (FBR) recently announced its decision to issue income tax refunds by directly crediting the due amounts into the beneficiaries’ bank accounts — rendering the issuance of cheques, in this instance, obsolete; according to news sources.
The FBR has communicated that this step has been taken in a bid to ensure maximum transparency by minimizing human interactions throughout the entire process. The board has asked all the income tax refund beneficiaries to update their IRIS profiles with their International Bank Account Number (IBAN) details. For this purpose, FBR has already updated the IRIS for registration of IBAN bank account numbers.
Read:FBR directed to clear refunds to provide relief to businesses struggling with COVID-19 Previously, the board had been instructed by the government to expedite the payment of the sales and income tax refunds to people in a bid to help them through their liquidity crunch amid the current coronavirus lockdown. It was also reported that the board had received a large number of unlawful claims filed without proper documents, and that this was hindering the issuance of payments for the genuine beneficiaries.
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