ISLAMABAD: The Federal Board of Revenue has registered three illegal refund claiming cases during last year as strict actions by the revenue agency avoided issuance of cheques.
Sources revealed to Customs Today that due to the strict measures taken by the current government, no major fake refund case has surfaced during last year.
“Only three new cases of illegal refund were reported during last year involving Rs160.947 million. However, timely action was taken to prevent issuance of refund cheques in these cases and revenue loss was avoided in these cases” the source added.
Source also told that government stressed on blocking dubious refunds, suspension and blacklisting of registration of persons who claim fake refunds or issue fake invoices.
“Computerized monitoring of sales tax refund claims through CREST, strengthening post refund audit as well as proper supervision and investigation also proved helpful in checking fake refund” the source observed.
It is worth mentioning that payment of fake or illegal refund to blue eyed businessmen had been hot issue in the past and Ministry of Finance and its departments had to bear severe criticism in the meeting of the Public Accounts Committee (PAC) of the National Assembly.