PHMA expresses concern over delay in sales tax refund

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Faisal Khawer Butt

Sialkot

The senior vice president Pakistan Hosiery Manufacturers Association (PHMA) Khawaja Musharraf Iqbal on Sunday has expressed grave concern over the long delay in the release of sales tax refunds worth billions of rupees of the community of the exporters.
While talking to the newsmen in his office Khawaja Musharraf Iqbal further termed it ironic that government’s recent promise to release funds in that regard within 72 hours of submission of the claim had not been fulfilled yet. He also expressed his disappointment over the ineffectiveness of the newly launched Fully Automated Sales Tax e-Refund (FASTER) system.
He said that PHMA appreciated and welcomed the directive from Prime Minister Imran Khan to the Federal Board of Revenue (FBR) to clear long pending refund claims of the exporters and remove bottlenecks from the new refund system.
He added further requested the Prime Minister Imran Khan to get his directive implemented on urgent basis as most of the directives of the government were not being implemented. He said that industrialists and exporters were facing severe financial problems due to delay in the payment of sales tax refund claims, worth 350 billions rupees, which was not only hampering the industry but also causing decline in the exports.
He said that due to financial problems most of the exporters were unable to procure and purchase raw materials and other accessories in order to fulfill their future export orders, which could further affect exports.