Multinational firms have asked the Federal Board of Revenue (FBR) to settle their pending tax refunds on a priority basis. In a recent letter to FBR Chairman Malik Amjad Zubair Tiwana, the representative body of foreign investors operating in Pakistan demanded that its members’ pending tax refunds — which amounted to Rs93.6 billion at the end of September — be settled urgently.

Of the Rs93.6bn figure, Rs51.9bn constitutes income tax refunds while Rs41.7bn accounts for sales tax refunds.A tax refund is a payment to the taxpayer after it has paid to the government more tax than it owes. (more)