ISLAMABAD – The Federal Board of Revenue (FBR) has cleared 3,485 income and sales tax refund claims valuing Rs70 billion during the period July-February 2019-20.
The FBR issued Rs23.49 billion income tax refunds in 1,256 cases to the exporters and traders, while it adjusted an amount of Rs34.23 billion against their obligation during the period under review.
With respect to sales tax refunds, the board has cleared tax refunds of Rs26.517 billion in 2,229 cases, according to official documents available with APP.
The details show that by end February 2020, the FBR received 1,127 refund claims of up to Rs10 million under income tax out of which Rs 688.37 million were issued while Rs2.13 billion were adjusted.
Similarly 105 income tax refund claims worth of an amount from Rs10 million to Rs100 million were received out of which Rs3.251 billion were issued whereas Rs8.263 billion were adjusted against their obligation.
From Rs100 million to Rs500 million the FBR received 14 income tax claims out of which Rs3.16 billion were issued while the rest Rs10.467 billion were adjusted.
During first eight months of current fiscal year, the FBR received 10 income tax refund claims out of which it issued Rs16.39 billion while adjusted an amount of Rs13.37 billion.
In sales tax, as many as 1629 refund claims of up to Rs10 million were received out of which the FBR issued Rs3.918 billion while from Rs10 million to Rs100 million 514 refund claims of sales tax were received out of which an amount of Rs15.18 billion have been issued.
As many as 71 sales tax refund cases of amount from Rs100 million to Rs500 million were received during the period under review out of which Rs13.019 billion have been issued.
The number of sales tax of over Rs500 million was 15 out of which the FBR has issued Rs14.4 billion by end February 2020.