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  • Jan 13th, 2016
  • Comments Off on LCCI chief for release of refund claims
Lahore Chamber of Commerce and Industry has urged the Federal Finance Minister Ishaq Dar and Federal Board of Revenue to release refund claims at the earliest as the businesses are facing serious shortage of capital to run their businesses. LCCI President Sheikh Muhammad Arshad in a statement on Tuesday said the Federal Board of Revenue 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 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 are facing severe hardships. The process to get refunds is so lengthy and cumbersome that sometimes takes months for a manufacturer or exporter to get his own money refunded, he added.

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. LCCI chief urged the FBR chairman to look into the matter and ensure early release of sales tax and income tax refunds. 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 is adding to their miseries. It is a matter of concern that FBR machinery is using delaying tactics and creating hurdles for the business doing people, he added.

Copyright Business Recorder, 2016


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