The Federal Board of Revenue's Large Taxpayers Unit (LTU) Karachi has yet to pay an amount of Rs 7.1 billion in terms of refunds to its registered taxpayer entities. However, the unit has already paid the refunds amounting Rs 5.704 billion to the direct taxpayers during the last seven months of current fiscal year against the claims of Rs 12.857 billion made during the same period.
According to the statistics made available to the Business Recorder here on Friday, out of some 695 registered companies, a total of 563 claimed the income tax refunds during July-January of current fiscal. Some half of the refunds demand ie Rs 6.159 billion was made by 37 banks registered at the unit. While the remaining were claimed by some 526 other companies.
The LTU, however, rejected the claims of some 168 companies. Although, the unit has paid Rs 5.704 billion to some 187 taxpayer entities in terms of refund up to January 31, 2008. But it yet has to pay a huge amount of some Rs 7.1 billion to 365 taxpayer entities. The LTU officials informed Business Recorder that out of the total payable amount of Rs 7.1 billion, some Rs 6.9 billion was of current fiscal while Rs 102 million of the last fiscal.