Delay in payment of refund claims is hurting economy and export sector: Mian Zahid Hussain

Islamabad, March 21, 2016 (PPI-OT): President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, First Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain said that continued delay in payment of refund claims is hurting economy and the export sector.

He said that deferral in payment of refunds despite repeated promises by authorities has frustrated business community while many businesses continue to suffer from severe liquidity issues. Talking to Chairman FBR Nisar Muhammad Khan, Mian Zahid Hussain said that exporters are getting loans on inflated interest rates from the market to remain in business which has made exports costly speeding up fall in the external trade.

He said that Pakistan’s exports continue to fall due to multiple issues while those of the competing countries continue to surge because of their enabling environment. Exports should be given attention otherwise government will have to seek more loans which country can ill ford as loans have already up to 63 percent of the GDP which seems unsustainable. Mian Zahid Hussain demanded that sales tax refund claims of power companies amounting to Rs 60 billion should be settled immediately lest it hurt their operations which can result in prolonged power outages in summer.

At the occasion, Chairman FBR Nisar Muhammad Khan said that pending refund claims are not Rs 220 billion as reported but Rs 120 billion. The claims of entire business community outside power sector stands at 60 billion rupees. The said that FBR has planned to release claims worth 11 billion during the ongoing month.

For more information, contact:
Mian Zahid Hussain,
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net