ISLAMABAD-A meeting was held in the Federal Board of Revenue, Islamabad to take stock of the issuance of refunds under the Inland Revenue Courts i.e. Income Tax, Sales Tax and Federal Excise. Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh presided over the meeting. Muhammad Hammad Azhar, Federal Minister of Industries and Production, Muhammad Azam Khan Swati, Minister of Parliamentary Affairs, Abdul Razak Dawood, Adviser for Commerce, Textile and Investment, Naveed Kamran Baloch, Faizullah Kamoka, Secretary Finance and Chairman FBR Muhammad Javed Ghani were also present in the meeting. 

Dr. Muhammad Ashfaq Ahmed, Member (IR-Operaions) FBR made a presentation on the issue of refunds. The meeting was informed that a total of Rs142 billion of Sales Tax refunds were pending and Rs90 billion of Income Tax refunds were due for payment. The Member also informed the Ministers that export sector had been prioritised and an unprecedented amount of Rs106 billion had been released to them. It was also explained that during 2020, fresh inflows and refund claims had matched the outflows and a total amount of refund released under the head Sales Tax was Rs154 billion. Discussing the tax refunds, FBR was advised to focus on pending refunds of both export and non-export sector to give a business stimulus and easy cash flows in the post COVID scenario. Further enhancing the stimulus package, FBR was advised to pay Income Tax refunds up to Rs50 million each within one week for which FBR will be provided funds by the Finance Division.