PAAPAM seeks refunds clearance

LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the Federal Board of Revenue (FBR) to clear around Rs5 billion sales tax refunds of the tractor industry immediately, as non-disbursement of refunds might cause a delay in the payment to the vending industry.

In a joint statement, PAAPAM Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar, and Vice Chairman Irfan Qureshi said that the tractor industry is facing a severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds of around Rs3.5 billion, while Rs1.4 billion of Al Ghazi are pending for the last one-and-a-half years.