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FBR to impose new taxes to clear refunds

FBR to impose new taxes to clear refunds

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to issue Pakistan Investment Bonds or impose new taxes to clear the pending refunds of taxpayers, it is learnt here.

Sources said that FBR has two options this time to clear the refunds at once. The first option is the imposition of new taxes to cover the revenue shortfall, which would be occurred due to payment of refunds. And the second option is the issuance of investment bonds, while the money earned from bonds would be utilised to clear refunds.

It is important to mention here that FBR is facing 32 percent shortfall in the sales tax collection from oil refineries and oil marketing companies and 64 percent in wake of sales tax collection from local fertilizers.