ISLAMABAD                  -             National Assembly Standing Committee on Finance and Revenue on Thursday reiterated that issues of tax refunds of exporters should be resolved on priority basis, as export industry is a backbone of the economy.

The committee meeting was held under the chairmanship of Faiz Ullah. Seema Shakeel, Member, IRS briefed the Committee about the measure taken by the Federal Board of Revenue to resolve the problems of refunds highlighted by the exporters. She informed that a Committee comprising of exporters and senior officers from Federal Board of Revenue was appointed to resolve the technical problems of Form “H” and they have completed their assignment. However, the exporters were of the stance that they will not be able to continue their business, due to stuck of refunds with FBR for last six months. The exporters also highlighted the weaknesses of Faster’s Refunds System and requested the Federal Board of Revenue to address the same at the earliest for smooth functioning of export industries in Pakistan.

She further informed that maximum cases of refunds have been accommodated, however, only those cases were pending where requirements were not met properly. She also presented the month wise data regarding release of refunds up to December, 2019. She also responded the queries raised by the exporters with regard to the meeting held on 11th February, 2020 in the office of RTO, Karachi. She informed that mostly grievances pointed out in said meeting have been resolved by the FBR.

The Committee also discussed the matter regarding encashment of security of Reliance Petroleum Industries (Pvt.) Limited by the Customs Authorities. Chief Collector Customs (Karachi) informed the Committee about the current status of the matter. After deliberations, the Committee advised to Collector Customs (Karachi) to resolve the matter, amicably, before the meeting of the Sub-Committee of the Standing Committee on Finance, scheduled to be held on 17th March, 2020.