LCCI seeks early release of ST refunds

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Thursday urged the Federal Board of Revenue (FBR) to take notice of non-acceptance of refund applications from the sectors covered under SRO 1125 by the RTO Lahore, a statement said.
LCCI President Ijaz A Mumtaz said the Lahore Chamber of Commerce and Industry has received a number of complaints that the RTO Lahore is not accepting applications for filing of refunds from five sectors covered under SRO 1125 since October 4, 2013.
All the Regional Tax Offices in Pakistan except Lahore Region are processing refund applications under Rule 33 of the Sales Tax Refund Rules, he said, and appealed the Federal Board of Revenue chairman to take note of the situation, as such acts are hampering the growth of the most productive sectors by denying the exporters and manufacturers their right of refund of sales tax and income tax.
The LCCI chief said 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.
He said the businessmen are bearing huge financial cost on their own; therefore, the FBR chairman should look into the matter and ensure early release of the sales and income tax refunds.