LCCI for early pay­ment of re­funds claims

The Pak Banker - - NATIONAL -

LA­HORE: The La­hore Cham­ber of Com­merce and In­dus­try has urged the Chair­man Fed­eral Board of Rev­enue (FBR) to en­sure early pay­ment of stuck-up re­fund claims of the ex­port-ori­ented sec­tors who are fac­ing se­vere hard­ships.

In a state­ment is­sued here, the LCCI Pres­i­dent Sheikh Muham­mad Ar­shad, Se­nior Vice Pres­i­dent Al­mas Hy­der and Vice Pres­i­dent Nasir Saeed said that at present when ex­ports are stag­nant and ex­port-ori­ented in­dus­try in a dire need of re­sources, de­lay in pay­ment of re­fund claims adding to their mis­eries. They said the Fed­eral Board of Rev­enue should not ham­per the growth of the most pro­duc­tive sec­tors by deny­ing the ex­porters and man­u­fac­tur­ers their right of re­fund of Sales Tax and In­come Tax.

They said that the de­lay in re­lease of huge funds that runs into bil­lions has trig­gered se­ri­ous liq­uid­ity crunch for the ex­porters and man­u­fac­tur­ers that might lead to clo­sure of sev­eral in­dus­trial units.

The LCCI of­fice-bear­ers 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, who were fac­ing se­vere hard­ships. They said that the process to get re­funds is so lengthy and cum­ber­some that some­times takes months for a man­u­fac­turer or an ex­porter to get his own money re­funded.

They said that ex­porters are al­ready fac­ing fi­nan­cial crunch due to de­val­u­a­tion of Euro while de­lay in re­fund of sales tax and in­come tax claims is adding fuel to the fire.

They said that 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.

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