LCCI seeks early release of refunds

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged federal Finance Minister Asad Umar to first release refund claims up to Rs10 million of the trade and industry, as they are facing capital shortage to run their businesses, a statement said on Tuesday.

LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that delay in income tax and sales tax refunds to the trade and industry is hampering growth of the productive sectors.

The LCCI office-bearers said the authorities concerned should take realistic view of the matter and allow the refunds of sales tax and income tax of up to Rs10 million to the trade and industry at the earliest, who were facing severe hardships.

The process to get refunds is so lengthy and cumbersome that sometimes it takes months for a manufacturer or an exporter to get his money refunded, they said.

The businessmen were bearing huge financial cost on their 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.