LAHORE: Lahore Chamber of Commerce and Industry on Wednesday demanded of the Chairman Federal Board of Revenue (FBR) to expedite stuck-up Sales Tax and Income Tax refund claims.
LCCI President Irfan Qaiser Sheikh said here 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.
He said the authorities concerned should take notice of the matter and allow the early refunds of sales tax and Income Tax to the exporters and the manufacturers, who were facing hardships.
The process to get refunds is so lengthy and cumbersome that sometimes it takes months for a manufacturer or an exporter to get his own money refunded, he added.
He said the businessmen were bearing huge financial cost on their own hard earned stuck-up money, while the businesses were already in deep troubles and experiencing tough times because of multiple internal and external challenges including energy crisis.
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