According to a press statement from FBR, Prime Minister Shehbaz Sharif issued the instructions for the reimbursements on March 3, 2024, the day he was elected, during his first floor speech in the National Assembly.
The FBR insisted that the reimbursements to exporters should lead to increased exports and a rise in Pakistan’s foreign exchange reserves.
The prime minister’s decision has been praised by trade groups and export-oriented sectors, who claim it would stimulate the economy and create more jobs in the textile industry.
The FBR said earlier on February 21 that it collected Rs. 5.150 trillion between July 2023 and mid-February 2024, up from Rs. 3.973 trillion over the same time in the previous fiscal year, indicating a 30% increase.
The total increase in domestic taxes has been around 40%, whilst import duties and associated levies increased by 16% between July 2023 and January 2024.
With the recovery of the GDP and increased inspection of FBR collection, the growth in revenues accelerated.
