Govt releases Rs100 bln for Industry: Finance Ministry

ISLAMABAD, Apr 03 (APP): Under the Rs 1240 billion stimulus package announced by the prime minister on March 27, the government released Rs 100 billion to industry under tax refunds package.

According to press statement issued by the Finance Ministry, the Advisor to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh said that the package was unprecedented step taken by the government to support business and employment in difficult times.

He said that the tax refunds released to the industry were the highest in country’s history, adding that the government’s stimulus package was aimed to address the liquidity challenges faced by the industry.
Improved cash flow position of the companies would ensure that the workers get their salaries on time, he added.

According to the statement, all tax refunds as of March 31st, 2020, have now been cleared and the payments made the previous day include Rs 52 billion in GST refunds to industry (other than export industry), Rs 10 billion released to the export industry through the FASTER system and Rs 15 billion in duty draw back payments.

On top of these payments, the government also released Rs 20.5 billion under the DLTL scheme, the statement added. During the current fiscal year (July-March FY20), the government had also released Rs 163 billion so far in tax refunds to industry under GST and Income Tax, which is 61.4 percent increase from Rs 101 billion released during the same period of last year.