The Lahore Chamber of Commerce and Industry on Tuesday demanded of the chairman of Federal Board of Revenue (FBR) to expedite stuck-up sales tax and income tax refund claims of the export-oriented sectors.
In a statement issued here, LCCI Vice President Syed Mahmood Ghaznavi said the Federal Board of Revenue was hampering growth of the most productive sectors by denying the exporters and manufacturers their right of refund of sales tax and income tax.
He said the delay in release of huge funds that runs into billions had triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units. Syed Mahmood Ghaznavi said the authorities concerned should take realistic view of the matter and allow the refunds of sales tax and income tax to exporters and manufacturers at the earliest.
The LCCI vice president said the process to get refunds was so lengthy and cumbersome that sometimes it takes months for a manufacturer or an exporter to get his own money refunded. He said exporters were already facing financial crunch due to devaluation of Euro while delay in refund of sales tax and income tax claims was adding fuel to the fire.
He said the businessmen were bearing huge financial cost on their own hard earned stuck-up money, therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds.
He said the businessmen had now started feeling the pinch as the businesses were already in deep troubles and experiencing toughest times because of multiple internal and external challenges including an acute shortage of electricity and gas. And now the delay in release of their own money was adding to their miseries. He said it was a matter of concern that despite clear instructions of Federal Finance Minister Ishaq Dar to release sales tax and income tax refunds at the earliest, the FBR machinery was using delaying tactics and creating hurdles for the business doing people.
He urged the finance minister to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up sales tax and income tax refund claims.
