OICCI makes Rs 45 billion tax refund claims

Overseas Investors Chamber of Commerce & 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.
Sources told Business Recorder here on Thursday that the FBR should 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. As mentioned at several forums, it is important for the government bodies to transparently implement laws, rules and regulations so that existing and potential investors remain comfortable with the business environment, which in turn will lead to increased foreign direct investment (FDI).
In this context, the ease and early settlement of genuine income/sales tax refunds is an important matter for foreign investors and delay in resolution of legitimate claim of overseas investors causes a negative impact on existing and potential new investors and consequently on inflow of FDI in the country, the OICCI said.
The OICCI is confident of FBR''s usual support in promoting FDI in the country and resolving all pending FBR related issues of OICCI members who are among the highest tax payers of the country. The OICCI requested the FBR chairman to ask field formation to release the attached tax refund claims of OICCI members within January 2017.