PIAF calls for early release of pending refunds.
Lahore -- Pakistan Industrial and Traders Associations Front (PIAF) chairman Mian Nauman Kabir has urged the Federal Board of Revenue (FBR) for early release of Refund Payment Orders (RPOs) against pending sales tax refunds. Nauman Kabir said that PIAF has welcomed announcement of issuance of promissory notes to clear huge amount of long outstanding sales tax refund.
He said that currently, billions of rupees of exporters are stuck up on account of sales tax, customs rebate and income tax refund claims and duty drawback of taxes (DLTL) and delay in payment of these pending refunds causing losses to the largest foreign exchange earning sector through exports.
Mian Nauman Kabir who also served as Chairman Quaide Azam Industrial Estate and Live stock Minister in caretaker government last year said that tax refunds of the exporters have been stuck for a long time for more than a year in most cases and now the government has announced issuance of promissory notes to liquidate these refunds which is a right step in the right direction.
The PIAF chairman Mian Nauman Kabir in a statement along with senior vice chairman Nasir Hameed Khan and vice chairman Javed Iqbal Siddiqui said that the businessmen were bearing huge financial costs on their own hard earned stuck-up money; therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds as promised by the government through promissory notes.
PIAF chairman informed that sales tax refunds of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax refund through promissory notes by the government would boost the business of the textile and allied industries.
PIAF chairman Mian Nauman Kabir also appreciated FBR's move for issuing instructions to all chief commissioners of LTUs and RTOs to urgently issue refund payment orders of admissible sales tax refund claims before issuance of the first batch or promissory notes (Refund Bonds) by February 14, 2019.
The Association's members have now started feeling the pinch as they were already facing troubles and experiencing toughest times because of multiple internal and external challenges, Nauman Kabir added.
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|Publication:||The Frontier Star (Northwest Frontier Province, Pakistan)|
|Date:||Feb 10, 2019|
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