President, Korangi Association of Trade and Industry, Zahid Saeed has sought the intervention of Prime Minister Mian Nawaz Sharif for early release of tax refunds claims. He said that refund claims pertain to sales tax, customs rebate and duty drawback amounted to Rs300 billion.
He said that any further delay in release of tax refunds will not be acceptable.
Responding to a news regarding blockage of Rs 100 billion by Federal Board of Revenue (FBR) for refunds, Zahid Saeed said that total amount of exporters' refunds held up by the government was between Rs 250 billion to Rs 300 billion.
The industry was faced with liquidity crunch because of blocking of refunds by the FBR, said Senior Vice President Saleem-uz-Zaman.