PIAF calls for early release of pending tax 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.
He said in a statement issued on Friday 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) order under Prime Minister’s export package and duty local taxes and levies schemes with the government and delay in payment of these pending refunds causing losses to the largest foreign exchange earning sector through exports.
He 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 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.
He said 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.