Karachi: The Federal Board of Revenue (FBR) has verified the imminent payment of PKR 62 billion worth of income tax refund claims for citizens across the country, according to news sources.
One FBR official confirmed that the refunds were ‘one click away’ from their beneficiaries and that they would be released after an announcement from Prime Minister Imran Khan — which is expected to be made sometime next week.
Reportedly, the refund amounts will be credited directly into the bank accounts of the claimants through their International Bank Account Numbers (IBANs) recorded in the FBR’s central system. In addition, tax departments like the Regional Tax Offices (RTOs) and the Large Taxpayers’ Unit (LTUs) have vetted each claim thoroughly to avoid any issues later.
The refunds are being disbursed as part of the government’s attempt to help sustain the lockdown-affected industrial and trade sectors in the country. Previously, the government had announced its decision to refund sales tax, federal excise duty (FED), customs duty drawback, and income tax returns as part of its relief programme for the trade and industrial sector. In this regard, the FBR has already released PKR 100 billion refund payments related to sales tax and duty drawbacks.
Tax analysts have stated that banks and other financial organizations should not be paid tax refunds in these trying times. Instead, they suggested that big businesses (with a larger number of employees) should be prioritized in order to allow them to pay salaries to a larger number of unemployed workers.
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