Lahore, February 10, 2018 (PPI-OT): The Lahore Chamber of Commerce and Industry has demanded of the Federal Board of Revenue (FBR) to release income tax and sales tax refunds/RPO on “first come first serve” basis. The demand was raised by the LCCI Acting President Khawaja Khawar Rashid and Vice President Zeeshan Khalil while talking to a delegation of exporters here at the Lahore Chamber of Commerce and Industry.
Delegation informed the LCCI office-bearers that FBR has set its own priorities for releasing refunds/RPO to the exporters. They said that old cases are still pending while new refunds cases have been resolved which has generated panic amongst the business community. Khawaja Khawar Rashid and Zeeshan Khalil said that discrimination in releasing refunds/RPO is a sheer injustice. They said that in the present scenario when economy needs resources for expansion, squeezing of business would be harmful.
The LCCI office-bearers said the Federal Board of Revenue is hampering growth of the most productive sectors by denying the exporters and manufacturers their right of refund/RPO of Sales Tax and Income Tax. They said that the delay in release of huge funds that runs into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units.
They said the authorities concerned should take realistic view of the matter and allow the refunds/RPO of sales tax and Income Tax to exporters and Manufacturers at the earliest, who were facing severe hardships. They said that the process to get refunds/RPO is so lengthy and cumbersome that sometimes takes months for a manufacturer or an exporter to get his own money refunded.
The LCCI office-bearers said that exporters are already facing financial crunch due to devaluation of Euro while delay in refund/RPO of sales tax and income tax claims is adding fuel to the fire. They said that the businessmen were bearing huge financial cost on their own 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/RPO.
They said that the businessmen have 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. They urged the Prime Minister to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up Sales Tax and Income Tax refund/RPO claims on first come first serve basis.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan