Rs 100 billion refunds released under package: MoF

The Finance Ministry has stated that the government has released Rs100 billion to industry under tax refunds on Thursday (April 2) under the government's Rs1,240 billion stimulus package announced by the prime minister on March 27, said a press release issued Friday.
Dr Abdul Hafeez Shaikh, advisor to prime minister on finance and revenue noted that these were unprecedented steps taken by the government to support business and employment in difficult times.
The tax refunds released to the industry are the highest in Pakistan's history. Dr Shaikh stated that the government stimulus package aims to address the liquidity challenges faced by the industry. Improved cash flow position of the companies will ensure that workers get their salaries on time.
All tax refunds as of 31st March 2020 have now been cleared and the payments made yesterday include Rs52 billion in GST refunds to industry (other than export industry), Rs10 billion released to the export industry through the FASTER system, and Rs15 billion in duty drawback payments. On top of these payments, the government also released Rs20.5 billion under the DLTL scheme.
During the current fiscal year (July-March FY20), the government has so far released Rs163 billion in tax refunds to industry (under GST and income tax), which is a 61.4 percent increase from Rs101 billion released (July-March FY19) last year.-PR