KARACHI: President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai has reiterated its demand of earliest payment of all refund claims of the export sector.
The accumulated refunds claims included deferred claims, customs duty drawback, drawback of local taxes and levies, he said in a statement here on Tuesday.
He said the payment of taxes would help exporters overcome their liquidity crunch, meet their export orders well in time, enhance exports and reduce trade deficit so that the export targets as envisaged in the Finance Act, 2019 could be meet.
Referring to the Finance Act-2019, the FPCCI Chief recalled that although a provision had been introduced wherein promissory notes would be issued to the claimants at their option by a newly formed company called the FBR Refund Settlement Company Limited yet there was a very slow progress in processing of the pending sales tax refunds and issuance of refund payment orders.
The FPCCI Chief appreciated Advisor to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh for initiating Expeditious Refund System (ERS) for automated payment on generated RPOs in the wake of withdrawal of zero-rating on sales tax inputs for five export oriented industrial sectors.
He also appreciated for providing sales tax refunds for manufacturing of five export-oriented sector, within 72 hours through risk management.
However, he was critical over the delay in implementation of the system.
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