LAHORE: Lahore Chamber of Commerce and Industry (LCCI) has demanded of the Federal Board of Revenue (FBR) to release refund claims at the earliest as the businesses are facing serious shortage of capital to run their businesses.
In a statement issued here Monday, the LCCI president Sheikh Muhammad Arshad 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.
He 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 President 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.
He 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.
He 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.
He said that the businessmen have now started feeling the pinch as the businesses are already in deep troubles and experiencing toughest times because of multiple internal and external challenges. Now the delay in release of their own money was adding to their miseries.
He said that it was a matter of concern that FBR machinery is using delaying tactics and creating hurdles for the business doing people. He 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.
