Pakistan Industrial and Traders Associations Front (PIAF) has appreciated the government for its commitment to disburse outstanding refunds of exporting industry.
PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanveer Ahmed Sufi and Vice Chairman Khawaja Shahzeb Akram said in a media statement here Sunday that Finance Minister had assured business leaders to disburse Rs 100 billion under sales tax refund claims till completion of the incumbent government’s five-year term.
They hailed the government for fulfilling its commitment regarding the payment of stuck refunds of exporters, asserting that it was a good omen that Federal Board of Revenue (FBR) had prepared refund cheques for the disbursement and documentations was in process.
According to reports, the FBR was going to disburse sales tax refunds against those cases that had been verified up to March, however, the total outstanding refunds, including sales tax, income tax and duty drawback, were estimated at over Rs 200 billion, they mentioned.
The PIAF chairman said the refunds had been accumulating after eliminating zero-rating of sales tax for the export and textile sectors, asserting that PIAF had for the last two years been urging the quarters concerned to re-introduce zero-rating for the export sector, as the industry was facing serious liquidity crunch.
Irfan Sheikh said delay in release of multi-billion rupees funds caused serious fund shortages for the exporters and manufacturers that might lead to closure of several industrial units.—APP