22nd March 2018, Mr. S. M. Muneer former Chief Executive, Trade Development Authority of Pakistan (TDAP) and Ex President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Federal Board of Revenue (FBR) to immediately release the Sales Tax Refund to the exporters which has reached to the tune of Rs. 300 billion.
He argued that due to inordinate delay in refund of Sales Tax claims the exporters had been rendered to suffer from liquidity crunch and shortage of working capital and had compelled them to acquire loan from financial institutions at exorbitant mark-up rate to avoid default and meet the exports order within the stipulated time.
S.M. Muneer former Chief Executive TDAP and Ex President of FPCCI elaborated, “Although the Department / Collectorate is bound to issue the refund within the stipulated time of 45 days after the claim date but perhaps it never happens.”
(DR. IQBAL THAHEEM)