Collector Sales Tax, Enforcement, Rasheed Ahmed has assured the hosiery exporters that the refund would be paid on the claims, whose record is missing, on the authentication of the concerned association. The assurance was given to Pakistan Hosiery Manufacturers Association (PHMA) Sales Tax sub-committee Chairman, Saleem Parekh, in a meeting held to discuss issues relating to the Sales Tax.
The Collector was informed that applications for refunds under SRO 490(1)/2004 were not being entertained by the Sales Tax staff. He was also informed that the refund claims pending since 2002 under Section 66 had not been paid.
He issued on the spot order to the staff not to defer any refund payment due under SRO 490 and requested the PHMA official to provide list of refund claims of the PHMA members pending since 2002 so that those could be paid at the earliest.
Saleem Parekh appreciated the new scheme for getting zero-rated supplies by the manufacturers-cum-exporters on the basis of an inland letter of credit (L/C) opened in the name of the suppliers. He said the PHMA specially hired a tax consultant to work on the draft rules of the new scheme now presented to the Central Board of Revenue and circulated among the associations for comments. The new scheme would not only relieve the exporters from the cumbersome procedure of calming refunds but would also provide them an added advantage in the post World Trade Organisation (WTO) regime.
The PHMA Sub-committee chairman said the associations had started work on the new scheme about six months ago when the CBR Chairman visited Karachi in July 2004 and had assured all his support for the initiation of a system to replace the cumbersome system of refund.
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