{"id":64660,"date":"2020-04-25T10:25:00","date_gmt":"2020-04-25T05:25:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64660"},"modified":"2020-04-24T16:29:17","modified_gmt":"2020-04-24T11:29:17","slug":"sc-announces-verdict-compensation-delayed-tax-refunds","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sc-announces-verdict-compensation-delayed-tax-refunds.html","title":{"rendered":"SC announces verdict on compensation demanded against delayed tax refunds"},"content":{"rendered":"\n<p>Islamabad: The Supreme Court (SC) has decreed that the compensation amounts for delayed income tax refunds can only be claimed against the timeframe that the tax authorities initially allowed for their processing, a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/govt-to-clear-pkr-82bn-income-and-sales-tax-refunds-within-one-week.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to clear PKR 82bn income and sales tax refunds within one week<\/a><\/p>\n\n\n\n<p>The petitioner had requested the court to direct the Federal Board of Revenue (FBR) to compensate him for delaying his refunds. The decision was announced by a three-member bench of the apex court.<\/p>\n\n\n\n<p>According to the report, the government is expected to save at least PKR 40 billion \u2013 in view of the decision, if the existing due income tax refunds are taken into account for just the past year. However, some refunds have been outstanding for nearly a decade and this will save the government hundreds of millions.<\/p>\n\n\n\n<p>According to the compensation mechanism under the Income Tax Ordinance, if the refund is delayed within three months of becoming due, the taxpayer is entitled to KIBOR+0.5% per annum in compensation.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/businessmen-govt-tax-refunds-resumption-goods-transportation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Businesses demand tax refunds, resumption of goods transportation services<\/a><\/p>\n\n\n\n<p>Now, according to the Supreme Court\u2019s decision, the compensation will become due three months after the date of refund order and not from date of deemed assessment under Section 120 of the Income Tax Ordinance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Supreme Court (SC) has decreed that the compensation amounts for delayed income tax refunds can only be claimed against the timeframe that the tax authorities initially allowed for their processing, a news source reported. Read: Govt to clear PKR 82bn income and sales tax refunds within one week The petitioner had requested the court to direct the Federal Board of Revenue (FBR) to compensate him for delaying his refunds. The decision was announced by a three-member bench of the apex court. According to the report, the government is expected to save at least PKR 40 billion \u2013 in view of the decision, if the existing due income tax refunds are taken into account for just the past year. However, some refunds have been outstanding for nearly a decade and this will save the government hundreds of millions. According to the compensation mechanism under the Income Tax Ordinance, if the refund is delayed within three months of becoming due, the taxpayer is entitled to KIBOR+0.5% per annum in compensation. Read: Businesses demand tax refunds, resumption of goods transportation services Now, according to the Supreme Court\u2019s decision, the compensation will become due three months after the date of refund order&hellip;<\/p>\n","protected":false},"author":57,"featured_media":60465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[27270],"persona":[],"class_list":{"0":"post-64660","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-sc-announces-verdict-on-compensation-demanded-against-delayed-tax-refunds","9":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SC announces verdict on compensation demanded against delayed tax refunds - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Supreme Court (SC) has decreed that the compensation amounts for delayed income tax refunds can only be claimed against the timeframe that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sc-announces-verdict-compensation-delayed-tax-refunds.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SC announces verdict on compensation demanded against delayed tax refunds - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Supreme Court (SC) has decreed that the compensation amounts for delayed income tax refunds can only be claimed against the timeframe that\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sc-announces-verdict-compensation-delayed-tax-refunds.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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