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FTO reserves verdict in tax refund appeal

FTO reserves verdict in tax refund appeal

LAHORE: The Federal Tax Ombudsman (FTO) on Wednesday heard a tax refund appeal filed by M/s Abbas Corporation (Private) Limited against Corporate Regional Tax Office (CRTO) and reserved the verdict.

According to the details, FTO advisor Mian Munawar Ghafoor heard the case in which the counsel for the appellant argued that the CRTO had failed to release the tax refund of the last two years claimed by the company.

He said that the RTO collected excessive tax during the last two years. He approached the commissioner concerned many times for issuance of refunds but the CRTO officials did not pay the refunds after the passage of reasonable time.

At the end, the company decided to approach the FTO, seeking interference in this case. The counsel appealed the FTO advisor to direct the CRTO to clear the refund claims.

The counsel further said that CRTO should refund the excess collection in wake of taxes by the end of financial year but the situation is quite otherwise. Delay in issuance of refunds put burden on the taxpayers, he said, adding that the CRTO Lahore should make audit of the cases and release the extra amount collected by it from the taxpayer.

After hearing the arguments from both sides, FTO the verdict has been reserved by the Federal Tax Ombudsman (FTO). the decision will be announced very soon and all arguments by the parties has been completed.