Lahore, June 03, 2015 (PPI-OT): The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the Federal Board of Revenue (FBR) chairman to expedite stuck-up sales tax and income tax refund claims as businessmen are facing serious financial crunch because of delay in issuance of refund claims.
In a statement issued here, LCCI Vice President Syed Mahmood Ghaznavi said delay in sales tax and income tax refunds was hitting businesses hard and affecting their cash flows very hardly. He said delay in release of huge funds that run into billions had triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units.
He said delay in refunds had also increased the cost of doing business as businessmen were paying cost of their borrowing from banks. The LCCI vice president said the authorities concerned should take a realistic view of the matter and allow the refunds of sales tax and income tax to exporters and manufacturers at the earliest who were facing severe hardships.
He said the process to get refunds was so lengthy and cumbersome that sometimes it took months for a manufacturer or an exporter to get his own money refunded. Syed Mahmood Ghaznavi said the businessmen were bearing huge financial cost on their own stuck-up money, therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds.
He said the businessmen had now started feeling the pinch as the businesses were already in deep troubles and experiencing toughest times because of multiple internal and external challenges including an acute shortage of electricity and gas. And now the delay in release of their own money was adding to their miseries.
He said in the present scenario, private sector was in dire need of handholding by the government to run their businesses. He urged the chairman of Federal Board of Revenue to take notice of the situation and ensure early refunding of sales tax and income tax claims that would be a great favour to the business doing people.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan