The Senate Standing Committee on Finance and Revenue has given the Federal Board of Revenue (FBR) one week to submit details of tax refunds issued over the past 10 years.

The committee sought the information during a meeting where FBR officials also briefed members on the sharp increase in refunds during the current fiscal year.

According to the officials, the FBR issued Rs. 197 billion in tax refunds during the first two months of the current fiscal year. This was Rs. 40 billion higher than the amount refunded during the same period last year.

FBR officials told the committee that the International Monetary Fund (IMF) has set a ceiling of Rs. 390 billion for tax refunds. They said the FBR cannot hold back refunds beyond the prescribed limit.

The tax authority had paid around Rs. 500 billion in refunds during the previous fiscal year.

The committee also discussed foreign currency accounts that were confiscated in 1999 and the issue of profits that have reportedly not been paid on those accounts.