Multan Chamber of Commerce and Industry appeals to Finance Minister to fulfil his commitment of clearing refunds during August for survival of industry

Multan Chamber of Commerce and Industry appeals to Finance Minister to fulfil his commitment of clearing refunds during August for survival of industry

 

Multan, August 19, 2015 (PPI-OT): Multan Chamber of Commerce and Industry (MCCI) has appealed to federal finance Minister Ishaq Dar to fulfil his commitment of clearing the refunds during the month of August for the survival of the industry. MCCI President Mian Iqbal Hassan reiterated his demand for repayment of refunds to the Textile Millers and other industrialists and expressed fear that export oriented businesses would be squeezed if stuck-up income and sales tax refund claims will not be released immediately by the Federal Board of Revenue.

MCCI President Mian Iqbal Hassan said on Wednesday that in the present scenario when economy needs resources for expansion and use of modern technology, squeezing of business would be harmful.“The FBR is hampering growth of the most productive sectors by denying the exporters and manufacturers their right of refund of sales tax and income tax.

The delay in release of more than 230 billion has triggered a serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units,” he added. He said authorities concerned should take a realistic view of the matter and allow the refund of sales and income taxes to exporters and manufacturers at the earliest, who are facing severe hardships.

He said the process to get refunds is so lengthy and complicated that sometimes it took months for a manufacturer or an exporter to get his own money refunded. He said exporters are already facing financial crunch due to devaluation of euro while delay in refund of the tax claims is adding more problems.

He said businessmen are bearing huge financial cost on their own hard earned stuck-up money and the Federal Finance Minister should look into the matter and ensure early release of the refunds. He said, “Businessmen have now started feeling the pinch as the businesses are already in deep troubles and experiencing toughest times because of multiple internal and external challenges including shortage of electricity and gas and now the delay in release of their own money is adding to their miseries.”

For more information, contact:
Multan Chamber of Commerce and Industry (MCCI)
Sharah-e-Evan-e-Tijarat-o-Sanat, Multan
Tel: +92-61-451 7087, 454 3530
Fax: +92-61-457 0463
Email: mccimultan@gmail.com, mcci@yahoo.com, mcci@hotmail.com
Website: http://www.mcci.org.pk

 

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