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FBR decides to issue bonds worth Rs110b to clear refunds of exporters

FBR decides to issue bonds worth Rs110b to clear refunds of exporters

ISLAMABAD: Federal Board of Revenue (FBR) has decided to issue bonds of Rs110 billion in order to pay the exporters in the head of refunds, it is learnt here.

Official sources told Customs Today that the board will issue Rs30 billion worth of bonds in the first phase while summary has been prepared in this regard. At least Rs140 billions refunds are pending; however, after scrutiny, it is expected to at least Rs110 billion may be the adequate amount of refunds for which the government is planning to issue bonds where government is agreed with the exporters.

Sources also told that the board has already prepared a summary and according to that summary the government will issue at least Rs30 billion of bonds in the first phase; however, the summary is still yet not finalized due to the retirement of member legal of FBR and the charge the summary will be finalized and moved to federal cabinet for further approval after the new member legal will assume the charge, sources added.