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FBR releases Rs 1.7 billion refunds to textile millers

FBR releases Rs 1.7 billion refunds to textile millers

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-I has released Rs 1.7 billion refunds to the textile sector in connection with a commitment in the budget 2014-15.

Sources said that the RTO had release Rs 600 million to the textile sector by Sep 23 and the remaining 1.1 billion were released in the last week of September.

Sources said Chief Commissioner (CC) Waqar Ahmad had urged the commissioner Inland Revenue (CIR) to expedite collection of WHT in order to recover Rs 1,700 million shortfall.

The CC urged the commissioner Inland Revenue to evolve strategy to recover the shortfall to meet the refund targets. The CC asked the CIR to give attention to WHT from LESCO, steel melters, tax on residential bills and tax on bank withdrawals.

On the other hand, textile millers have complained that they have not received the refunds so far. They said that the refunds were crucial for their business growth so they should be released as soon as possible.

Seeking anonymity, an APTMA office-bearer told Customs Today that the FBR should accelerate the process of releasing refunds to the millers.