Federation of Pakistan Chambers of Commerce and Industry lauds decision to release refunds worth Rs 50 billion

Karachi, August 22, 2016 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lauded the decision of the Government to release stuck up sales tax refunds worth Rs50 billion in the running month.

Finance Minister Ishaq Dar is fulfilling his commitment by releasing one-fourth of the total refunds which will improve confidence in the business community and boost exports, said Abdul Rauf Alam, President FPCCI.

Almost all the pending refunds whose refund payment orders (RPOs) have been approved until April 30th will be paid shortly which will boost business activities across Pakistan, he said.

Rauf Alam said that after the payments the FBR will start process to clear the entire amount under all the heads including sales tax, income tax and duty drawback estimated at Rs201 billion within few months.

The business community has been urging the government since last two years to clear all the pending refunds as the export sector is facing serious liquidity crunch due to its accumulation, he added. It is expected that resit of the refunds would be paid during the months of September and October, he informed.

The President FPCCI said that suspension in release of refunds caused issues for the exporters, adding that the government recently announced mechanism of ‘no-payment, no-refund’ for the five export sectors in order to avoid creation of refund claims.

He lauded the efforts of FPCCI leaders, various chambers and business associations, United Business Group and its Secretary General Zubair Tufail who worked for months to get refunds released.

The veteran business lauded the Finance Minister Ishaq Dar for directing that every effort should be made to facilitate the business community including exporters as finalisation of refunds would help in increasing the business activity in the country. He demanded that steps should be taken to release all the refunds as soon as possible.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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