ISLAMABAD: Government has directed the Federal Board of Revenue (FBR) to review the pending refunds of Rs7100 million of Trading Corporation of Pakistan (TCP) and recommended to adjust the refunds amount with the interests due on the loan taken from the banks by the Trading Corporation of Pakistan, it is learnt here.
Official sources told Customs Today that at least Rs7,100 million of refunds are pending with the FBR of TCP where Rs6 billion under the head of sales tax and Rs610 million in the head of income tax are pending, sources confirmed.
Sources also added that the government on the request of TCP has directed the FBR to review the matter and resolve it in due time. The TCP has requested the government to adjust its refunds with account of loans taken from the banks as it is failed to pay the loan on due time as the FBR are not issues it refunds. The government on the request of TCP also directed the FBR to make adjustment of the refund amount with the interest amount on loan taken by the TCP.
It is important to mention here that TCP is facing an increase in the interests’ amount as it has to pay the loan taken from the banks. Sources told that due to nonpayment of loans the amount of loans is increased to Rs113 billion.