ISLAMABAD - Following the directions of the Prime Minister, the Federal Board of Revenue (FBR) disbursed all verified refunds to exporters amounting to Rs65 billion. The FBR has issued all outstanding refunds as on 03rd March, 2024 to exporters amounting to Rs65 Billion. Refunds were issued after directives given by the Prime Minister, Muhammad Shehbaz Sharif, during his first speech at the floor of the National Assembly on 03rd March, 2024 after being elected to the Office of the Prime Minister.
Refunds issued to exporters will lead to better exports and increase in forex reserves of Pakistan. Trade bodies and export oriented sectors have welcomed the move by the Prime Minister and said that the move will lead to economic prosperity and creation of more jobs in the textile industry. The FBR has issued refunds despite facing a shortfall in tax collection in the second consecutive month in February. The tax collection target for the month of February 2024 was set at Rs714 billion. Keeping in view the monthly collection of Rs681 billion during February 2024, the monthly shortfall has increased to Rs33 billion. In January 2024, the FBR had suffered a shortfall of Rs9 billion. According to a tweet of the FBR issued on Thursday, the FBR has surpassed eight-month target of Rs5,829 billion and registered a growth of 30 per cent. During February 2024, the FBR collected Rs681 billion against Rs519 billion collected during February 2023, registering a growth of 32 per cent.