The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the Federal Board of Revenue (FBR) to expedite the stuck-up sales tax and income tax refund claims of the export-oriented sectors. The LCCI Vice President Syed Mahmood Ghaznavi in a statement on Tuesday said the FBR is hampering growth of 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. 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.
The process to get refunds is so lengthy and cumbersome that sometimes takes months for a manufacturer or an exporter. The 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, he maintained.
The LCCI Vice President said that 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 refunds. It is 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, FBR machinery was using delaying tactics and creating hurdles for the business doing people. He urged the Federal Finance Minister to take notice of the situation and issue directions to the FBR authorities to expedite process of refund claims.