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FBR to directly transfer tax refund to taxpayers’ bank accounts

FBR to directly transfer tax refund to taxpayers’ bank accounts

ISLAMABAD: Federal Board of Revenue (FBR) has established a central system to transfer tax refunds directly to the taxpayers’ bank accounts.

According to details provided at the tax collection body’s Twitter account, the tax refund for sales and income taxes and federal excise duty would be directly transferred to the taxpayers account.

“All taxpayers are directed to update their IRIS profile and provide IBAN number along with other details of the bank accounts,” the FBR spokesman said.

The tax refund cheques will directly be transferred to the taxpayers’ accounts.

The spokesman said that they have also developed a central system to facilitate exporters for online payment of customs duty drawback into their bank accounts. The exporters were also directed to update their profiles with proper details of the bank accounts along with the IBAN numbers.

It is pertinent to mention here that the FBR yesterday said that lowering fuel prices in the country would increase revenue losses as fuel consumption has gone down to 50 percent.

The FBR spokesman said that there was a consumption of 2000 million litres of fuel in the country, however, due to coronavirus lockdown, it witnessed a drastic decline of upto 50 percent.

“We have suffered revenue losses of around Rs 45 billion,” he said and added that the government was lowering the fuel prices to facilitate the masses.

He further said that the tax collection has also suffered due to the pandemic and the income tax collection during March dropped from Rs 500 billion to Rs 300 billion.

The income tax collection in the ongoing month will further decrease and remain at Rs 200 billion, he said.