AVN 64.76 No Change ▼ 0.00 (0%)
BAFL 31.49 Increased By ▲ 0.31 (0.99%)
BOP 4.79 Decreased By ▼ -0.03 (-0.62%)
CNERGY 3.85 No Change ▼ 0.00 (0%)
DFML 14.48 Increased By ▲ 0.48 (3.43%)
DGKC 41.65 No Change ▼ 0.00 (0%)
EPCL 46.81 Increased By ▲ 0.51 (1.1%)
FCCL 11.33 Decreased By ▼ -0.07 (-0.61%)
FFL 5.06 No Change ▼ 0.00 (0%)
FLYNG 5.82 Increased By ▲ 0.02 (0.34%)
GGL 10.46 Increased By ▲ 0.55 (5.55%)
HUBC 65.54 Increased By ▲ 1.34 (2.09%)
HUMNL 5.61 No Change ▼ 0.00 (0%)
KAPCO 27.73 Decreased By ▼ -0.09 (-0.32%)
KEL 2.16 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.40 Decreased By ▼ -0.10 (-0.41%)
MLCF 21.51 Decreased By ▼ -0.34 (-1.56%)
NETSOL 84.61 Increased By ▲ 0.31 (0.37%)
OGDC 87.02 Decreased By ▼ -0.09 (-0.1%)
PAEL 11.00 Increased By ▲ 0.05 (0.46%)
PIBTL 4.19 Decreased By ▼ -0.04 (-0.95%)
PPL 75.35 Decreased By ▼ -1.43 (-1.86%)
PRL 13.60 Decreased By ▼ -0.13 (-0.95%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 41.27 Decreased By ▼ -0.33 (-0.79%)
TELE 5.84 Decreased By ▼ -0.11 (-1.85%)
TPLP 15.62 Increased By ▲ 0.01 (0.06%)
TRG 111.84 Increased By ▲ 0.59 (0.53%)
UNITY 13.97 Increased By ▲ 0.13 (0.94%)
WTL 1.17 Increased By ▲ 0.03 (2.63%)
BR100 4,064 Increased By 18.2 (0.45%)
BR30 14,468 Increased By 34.8 (0.24%)
KSE100 40,734 Increased By 113.6 (0.28%)
KSE30 15,230 Increased By 59.4 (0.39%)
Follow us

ISLAMABAD: Overseas Investors Chamber of Commerce and Industry (OICCI) has urged the chairman Federal Board of Revenue (FBR) to clear outstanding refunds of Rs 80 billion of its members.

In a letter to Chairman FBR, Asim Ahmad, Secretary General/CE OICCI, Abdul Aleem has cited the reference of his earlier letter of August 12, 2022 in which he raised the issue of refunds.

He has once again shared an updated list of outstanding Income and Sales tax refunds claims of OICCI members.

“We firmly believe that tax refunds should be an ongoing process so as to avoid liquidity issues of our members who continue to pay huge tax on their ongoing business activities,” said Aleem.

OICCI urges FBR to simplify tax system

According to OICCI, pending Income/Sales tax refunds of OICCI members as of October 2022, amounted to over Rs 80 billion, comprising of Rs 43 billion Income tax and Rs 37 billion sales tax outstanding refunds.

“Overall, we observe that the Government/FBR has not settled the pending tax refunds of foreign investors which are piling month after month and sending negative signals to the headquarters of leading Multi-National Companies (MNC’s) who are on the one hand affected due to virtual stoppage of dividend and other forex remittance for most part of 2022 due to critical Foreign Exchange situation besides being affected by over 30% devaluation of the currency to date,” Aleem added.

OICCI maintains that positive perception of a country plays a critical role in attracting FDI in the country, which includes predictable, transparent and consistent policy framework and its implementation in all matters including tax refunds.

OICCI has also invited the chairman FBR for a meeting with its members at a mutually convenient date.

Copyright Business Recorder, 2022

Comments

Comments are closed.

OICCI members: FBR urged to clear Rs80bn refunds

KSA links oil refinery’s setup with political consensus

Panel asks PD to broker agreements between govt, gas producing provinces

PM invites IK, others to APC on terrorism, economy

Jul-Jan trade deficit shrinks 31.97pc to $19.632bn YoY

Dar approves proposal to raise $2bn from expats

Rules notified: FBR, banks can share info about civil servants’ assets

IK writes letter to President: Agencies accused of meddling in political affairs

Broadcast journalist arrested

Smuggling not the main reason behind USD shortage: FBR

SBP’s reserves slip to $3bn