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Wednesday, March 20, 2019

LCCI for immediate refunds up to Rs.10 million of the trade and industry

LCCI for immediate refunds up to Rs.10 million of the trade and industry


Lahore, March 19, 201: The Lahore Chamber of Commerce and Industry has urged the Federal Finance Minister Asad Umer and Federal Board of Revenue to release refund claims of the trade and industry up to Rs. 10 million in the first phase as the businesses are facing serious shortage of capital to run their businesses.

In a statement issued here Tuesday, the 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 refunds to the trade and industry is hampering growth of the productive sectors.

They said that the delay in release of huge funds of trade and industry, that runs into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units. 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 up to 10 million to the trade and industry at the earliest, who were facing severe hardships.

They said that the process to get refunds 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 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.

They said that the businessmen have now started feeling the pinch as the businesses are already in deep troubles and experiencing toughest times because of multiple internal and external challenges. Now the delay in release of their own money was adding to their miseries. They urged the Federal Finance Minister Asad Umer to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up Sales Tax and Income Tax refund claims.




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