KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) have asked the Federal Board of Revenue (FBR) to release refunds worth Rs46 billion causing cash flow and productivity problems.
The FBR officials and OICCI members, in a meeting held last week, discussed the problems faced by the foreign investors. The OICCI’s members urged the FBR officials to make the refund process more efficient and time-bound.
The FBR team told the chamber’s members that out of Rs46.09 billion refunds claims of income and sales tax, about Rs33.72 billion had been verified for issuance, while the remaining amount of Rs11.72 billion was under process. The officials further said that the refunds process had already been begun and requested the chamber for cooperation and patience as the refunds likely be paid in instalments in a transparent manner.
Heads of LTU and Regional Tax Office (RTO) Karachi and chief Collector Appraisement Pakistan Customs represented the FBR in the meeting. OICCI representatives included Asif Saad from Lotte Chemical Pakistan Limited, OICCI General Secretary Abdul Aleem, Deputy Secretary General Moin Mohajir and Aman Ghanchi from Unilever Pakistan Ltd. A number of OICCI members are registered with the Large Taxpayers Unit (LTU) Karachi.
The OICCI members were of the view that the FBR should issue the required notification for adjustment of input GST paid to Punjab Revenue Authority and Sindh Revenue Board.
Over the issue of Afghan Transit Trade (ATT), the OICCI urged the Board to halt the misusing of ATT and a model of other landlocked countries should be followed. The members of overseas chamber also asked the FBR team to use the foreign exchange regulations to control the unauthorised imports.
