The Federal Board of Revenue (FBR) has issued refunds to the tune of Rs. 144 billion in the current financial year, from July to December 2020, compared to only Rs. 76 billion last year, a press release issued by the FBR said on Thursday
This shows an increase of 89 percent year-over-year.
The healthy figures of refunds issuance have immensely boosted the economic activity in the country. Despite the increase in refunds, FBR has still managed to cross the revenue collection in the first five months of the current year.
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FBR’s appreciable performance has been achieved even though the economy has been sluggish in the wake of the on-going COVID-19 pandemic.
Moreover, the Government had extended significant tax relief measures for the public in the Finance Act-2020.
