Early release of refund claims urged

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) chairman to ensure early payment of stuck up refund claims of the export-oriented sectors who are facing severe hardships, a statement said on Monday.

LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said, at present, when exports are stagnant and export-oriented industry is in a dire need of resources, delay in the payment of refund claims is adding to their miseries.

The Federal Board of Revenue should not hamper the growth of the most productive sectors by denying exporters and manufacturers their right of sales and income taxes refund, they said.

They said that the delay in the release of huge funds that runs into billions has triggered liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units.

The LCCI office-bearers said the authorities concerned should take realistic view of the matter and allow the refunds of sales and income tax to exporters and manufacturers at the earliest, who were facing severe hardships.