Karachi: The finance ministry recently released funds worth PKR 10 billion for the payment of income tax refunds as part of the federal government’s efforts to provide relief to the coronavirus-affected national economy and taxpayers — a news source reported. Further, the FBR has decided to liquidate refund claims of up to PKR 5 million.
According to the details available, the pending income tax refunds (the draft for which has already been prepared and kept in draft mode in Iris by the relevant officers) will be liquidated. So, of all the income tax refund requests that had been applied for between 2014 and 2019, all will be paid as long as they are under PKR 5 million each.
Additionally, the FBR also issued directions to the chief commissioners to prepare a list of cases (ordered bank-wise and taxpayer-wise) that can be refunded up to PKR 5 million. The lists have to be dispatched by May 31.
