ISLAMABAD: The top body of country’s business community has lauded the decision of the government to release stuck up sales tax refunds worth Rs 50 billion in the running month.
Finance Minister Ishaq Dar is fulfilling his commitment by releasing one-fourth of the total refunds which would improve confidence in the business community and boost exports, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdul Rauf Alam, in a statement issued here on Monday. Rauf Alam said that almost all the pending refunds whose refund payment orders (RPOs) have been approved until April 30 would be paid shortly which would boost business activities across Pakistan.
He said that after the payments the FBR would start process to clear the entire amount under all the heads including sales tax, income tax and duty drawback estimated at Rs 201 billion within few months.
The President FPCCI was of the view that suspension in release of refunds caused issues for the exporters, adding that the government recently announced mechanism of ‘no-payment, no-refund’ for the five export sectors in order to avoid creation of refund claims.
He lauded the efforts of FPCCI leaders, various chambers and business associations, United Business Group and its Secretary General Zubair Tufail who worked for months to get refunds released. The veteran business lauded the Finance Minister Ishaq Dar for directing that every effort should be made to facilitate the business community including exporters as finalization of refunds would help in increasing the business activity in the country. He demanded that steps should be taken to release all the refunds as soon as possible.
