LCCI urges Govt. to release income tax/sales tax refund claims

LAHORE: The Lahore Chamber of Commerce and Industry has demanded of the government to release income tax/sales tax refund claims of the exporters immediately.

In a statement issued here, the LCCI Vice President Syed Mahmood Ghaznavi said that in the present scenario when economy needs resources for expansion, squeezing of business would be harmful.

He said the Federal Board of Revenue is hampering growth of the most productive sectors by denying the exporters and manufacturers their right of refund of Sales Tax and Income Tax.

Syed Mahmood Ghaznavi said that the delay in release of huge funds that runs into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units.

He said that exporters are already facing financial crunch due to devaluation of Euro while delay in refund of sales tax and income tax claims is adding fuel to the fire.

He said that the businessmen were bearing huge financial cost 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.

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