Tax refunds for all years to be released immediately: Hafeez Shaikh

KARACHI: Adviser to Prime Minister Imran Khan on Finance Dr Abdul Hafeez Shaikh said on Monday the sales and income tax refunds for all years were to be released immediately.

On his Twitter account, Dr Shaikh said the development was aimed “for the promotion of economic activity in the country and to provide liquidity support to businesses”.

The PM’s finance adviser also gave an individual break-down of the sales and income tax refunds, worth Rs22 billion and Rs1.7 billion, respectively.

Dr Shaikh wrote, “Rs 22 billion of verified sales tax refunds for all years to be released immediately.

“Rs 1.7 billion of income tax refunds (up to Rs 1 Lakh) for all years to be released immediately,” he added.

The finance adviser also underlined that the verification process for other outstanding refunds was to be expedited and income tax refunds worth Rs0.1-0.5 million for all years would be paid next month.

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