LAHORE: Pakistan Industrial and Traders Associations Front has appreciated the decision of the government to disburse one-fourth of the total outstanding refund amount ofRs.50 billion among the exporters before the end of this month.
PIAF chairman Irfan Iqbal Sheikh, in a joint statement along with senior vice chairman Tanveer Sufi and vice chairman Shahzeb Akram, stated that the government is finally fulfilling its commitment regarding the payment of stuck refunds of exporters.
He said that it’s a good omen that the FBR has prepared refund cheques, amounting Rs70 billion for the disbursement and for this documentations are under the process. According to reports, the FBR is going to disburse sales tax refunds against those cases that have been verified up to April 30. The total outstanding refunds, under all the heads, including sales tax, income tax and duty drawback, was estimated at Rs.201 billion.
The refunds have been accumulated after eliminating zero-rating of sales tax for the export and textile sectors. The PIAF, for the last two years, has been urging the government to re-introduce zero-rating for the export sector, as the industry is facing serious liquidity crunch. Irfan Iqbal Sheikh said delay in release of multi-billion rupees funds caused serious fund shortages for the exporters and manufacturers that might lead to closure of several industrial units.
