FBR Tax Refunds See Small Decline in FY24

The Federal Board of Revenue (FBR) has paid Rs. 53.130 billion in income tax refunds during 2023-24 as compared to Rs. 54.073 billion in 2022-23, reflecting a decrease of 1.7 percent. The FBR’s latest data revealed that the total payment of refunds and customs rebates stood at Rs. 482.4 billion during 2023-24, showing an increase of 29.6 percent when compared with 2022-23. The FBR’s report disclosed that the government is committed to enhancing revenue generation by creating a favorable environment for business activities. Prompt processing of refunds and rebates strengthens the cash flow for businesses. In line with its policy to promote business, the FBR has consistently processed substantial refunds and rebates. In 2023-24, refunds and rebates totaling Rs. 482.4 billion were issued to claimants, which represents a 29.6% increase over the refunds issued in the previous fiscal year.