The Senate Standing Committee on Finance has directed the Federal Board of Revenue (FBR) to provide details of tax refunds issued over the past 10 years within one week.
According to FBR officials, Rs197 billion in refunds were issued during the first two months of the current fiscal year. Officials said refund payments have increased by Rs40 billion compared with the previous fiscal year.
FBR officials further informed the committee that the IMF has set a Rs390 billion limit for refunds, and the FBR cannot retain refunds exceeding that amount.
The officials said the FBR issued Rs500 billion in refunds during the previous fiscal year. The committee has now sought a detailed record of refunds issued over the last decade.
