Lahore, March 14, 2016 (PPI-OT):The Lahore Chamber of Commerce and Industry has urged the Chairman Federal Board of Revenue (FBR) to ensure early payment of stuck-up refund claims of the export-oriented sectors who are facing severe hardships. In a statement issued here, the LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said that at present when exports are stagnant and export-oriented industry in a dire need of resources, delay in payment of refund claims adding to their miseries.
They said the Federal Board of Revenue should not hamper the growth of the most productive sectors by denying the exporters and manufacturers their right of refund of Sales Tax and Income Tax. They said that 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.
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 to exporters and Manufacturers at the earliest, who were facing severe hardships. They said that the process to get refunds is so lengthy and cumbersome that sometimes takes months for a manufacturer or an exporter to get his own money refunded.
They said that 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. 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 LCCI office-bearers 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. They urged the Federal Finance Minister to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up Sales Tax and Income Tax refund claims.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan