Lahore Chamber of Commerce and Industry has demanded of the Federal Board of Revenue (FBR) to release income tax and sales tax refunds on "first come first serve" basis. The demand was raised by the LCCI Acting President Khawaja Khawar Rashid and Vice President Zeshan Khalil while talking to a delegation of exporters here at the Lahore Chamber on Saturday.
The delegation informed the LCCI office-bearers that FBR has set its own priorities for releasing refunds to the exporters. The old cases are still pending while new refunds cases have been resolved which has generated panic amongst the business community, he added.
The LCCI members said that discrimination in releasing refunds is a sheer injustice. The FBR is hampering growth of the most productive sectors by denying the exporters and manufacturers their right of refund of sales tax and income tax.
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 added. They further said the authorities concerned should take realistic view of the matter and allow the refunds to exporters and manufacturers at the earliest, who were facing severe hardships.
The process of getting refunds is so lengthy and cumbersome that sometimes takes months for a manufacturer or an exporter to get his own money refunded, they added. 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 claims on first come first serve basis.
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