LAHORE: The Lahore Chamber of Commerce and Industry has demanded the chairman of the Federal Board of Revenue (FBR) to release the sales tax and income tax refund claims as soon as possible.
In a statement, LCCI Vice President Syed Mahmood Ghaznavi said that delay in sales tax and income tax refunds is hitting businesses hard. He said that the delay in release of 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 businessmen have to return bank loans.
“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 added.
He urged the chairman of FBR to take notice of the situation and ensure early refunding of sales tax and income tax claims that would be a great favour to the business community.