FBR to establish CITRO for centralized refund payment

In a major move to expedite payment of income tax refunds, FBR has decided to establish a Centralized Income Tax Refund Office (CITRO) for centralized payment of refunds through cheques or promissory notes and online transfer to the taxpayers’ bank account. The FBR has issued SRO 1239(I)/2020 to issue draft amendments in the Income Tax Rules, 2002. This new procedure shall apply to all refund orders issued under subsection (4) of section 170 of the Income Tax Ordinance.