LAHORE - The Lahore Chamber of Commerce and Industry has demanded of the Chairman Federal Board of Revenue (FBR) to expedite stuck-up Sales Tax and Income Tax refund claims as businessmen are facing serious financial problems.
In a statement issued here Saturday, LCCI Vice President Syed Mahmood Ghaznavi said that delay in Sales Tax and Income Tax refunds is hitting businesses hard and affecting their cash flows very hardly. He said that the delay in release of huge funds that run into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units. He said that delay in refunds has also increased the cost of doing business as business doing people are paying cost of their borrowing from banks.
LCCI Vice President said that the authorities concerned should take a realistic view of the matter and allow the refunds of Sales Tax and Income Tax to exporters and Manufacturers at the earliest, who were facing severe hardships.
He said that 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.