The Lahore Chamber of Commerce and Industry has urged the Federal Finance Minister Asad Umer and Federal Board of Revenue to release refund claims of the trade and industry up to Rs10 million in the first phase as the businesses are facing serious shortage of capital to run their businesses.
The LCCI office bearers; President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal in their statement on Tuesday said the delay in income tax and sales refunds to the trade and industry is hampering growth of the manufacturing sectors. The delay in release of huge funds of trade and industry that runs into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units, they said.
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 up to Rs10 million to the trade and industry at the earliest, who were facing severe hardships. The process to get refunds is so lengthy and cumbersome which sometimes takes months for a manufacturer or an exporter to get own money refunded, the maintained.
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. The businessmen have now started feeling the pinch as the businesses are already in deep troubles and experiencing toughest times because of multiple internal and external challenges.
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