ISLAMABAD: The Federal Board of Revenue (FBR) has issued a press release wherein it has been stated that in the current financial year, ie, July to December 2020, refunds to the tune of Rs144 billion against only Rs76 billion last year have been issued which shows an increase of 89 percent. The healthy figures of refunds issuance have greatly boosted the economic activity in the country. Despite increase in refunds, the FBR has still managed to cross the revenue collection in the first five months of current year. The FBR's appreciable performance has been achieved despite the fact that the economy has been sluggish in the wake of ongoing Covid-19 pandemic. Moreover, the government had extended significant tax relief measures for the public in the Finance Act, 2020.-PR

Copyright Business Recorder, 2020