Tuesday , June 25 2019
Breaking News
Home / Islamabad / FBR seeks Finance Ministry approval for issuance of Rs80b bonds to clear refunds
FBR seeks Finance Ministry approval for issuance of Rs80b bonds to clear refunds

FBR seeks Finance Ministry approval for issuance of Rs80b bonds to clear refunds

ISLAMABAD: Federal Board of Revenue (FBR) moved the summary for issuance of Rs80 billion bonds to exporters in the head of refunds to the Finance Ministry for approval, it is learnt here.

According to sources, the board faced a tough time for issuing the refunds to the exporters due to revenue shortfall and for this purpose the board was in consultation with the state bank of Pakistan to clear the refunds of the exporters.

Sources also told that issuance of bonds is also a suggestion; however, the board will implement the automatic refunds system for issuing refunds to the exporters.

The board has now after the consultation with SBP prepared the summary to issue bonds to the exporters having worth of Rs80 billion which is moved to Finance Ministry for approval, but the final approval will be from Prime Minister Imran Khan, sources confirmed.

Sources added that after scrutiny the acceptable amount of refunds will be fixed, and bonds will be issued to all those exporters whose refunds are pending.