The challenge of refunds

This is apropos a Business Recorder news item "OICCI makes Rs 45bn tax refund claims" carried by the newspaper on Friday. According to it, the Overseas Investors Chamber of Commerce and Industry (OICCI) has approached the Federal Board of Revenue (FBR) seeking payment of pending sales tax and income tax claims of 57 overseas investors, multinational companies/corporate entities and banking companies involving a huge amount of Rs 45 billion.
The FBR has been asked to review and take action on updated list of long pending tax refund claims of OICCI members which remain unsettled despite promises and compliance with relevant formalities.
That the issue of refunds has been drastically curtailing the ability of businesses to conceive, plan and execute their business strategies is a fact. The government's dithering over payment of refunds has also led to hurting country's economic prospects.