The Senate Standing Committee on Finance and Revenue has directed the Federal Board of Revenue (FBR) to provide details of tax refunds issued over the last 10 years within one week.
FBR officials told the committee that Rs. 197 billion in refunds were issued during the first two months of the current fiscal year. Refund payments were Rs. 40 billion higher than during the same period last year.
The officials said the International Monetary Fund (IMF) has set a Rs. 390 billion limit for refunds, and the FBR cannot retain refunds above this amount. The tax authority issued Rs. 500 billion in refunds during the previous fiscal year.
The meeting also reviewed the issue of foreign currency accounts confiscated in 1999 and the non-payment of profits on those accounts.
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