The Lahore Chamber of Commerce and Industry on Wednesday demanded of the Chairman Federal Board of Revenue (FBR) to expedite stuck-up Sales Tax and Income Tax refund claims. LCCI President Irfan Qaiser Sheikh, in a statement said that the FBR was creating huge problems for the most productive sectors by denying the exporters and manufacturers their right of refund of Sales Tax and Income Tax.
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, he added. He said the authorities concerned should allow the refunds of sales tax and Income Tax to exporters and manufacturers at the earliest, who were facing severe hardships.
He said that the process to get refunds is so lengthy and cumbersome that sometimes it takes months for a manufacturer or an exporter to get his own money refunded. He 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.
LCCI President said that the businessmen have 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. Sheikh said that he had conveyed the business community concerns to Federal Finance Minister Dr Abdul Hafeez Sheikh during a meeting of Pakistan Business Council in Islamabad last month and the minister had immediately directed the formation of special committees on the subject.