RECORDER REPORT

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to allocate adequate funds in the federal budget 2017-18 for payment of refunds as businessmen are bearing huge financial cost on their own hard earned stuck-up money.

LCCI President Abdul Basit in a statement on Monday said that delay in release of refunds, which 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 long delay in release of refunds is hampering growth of the most productive sectors by denying exporters and manufacturers their right of refund.

The authorities concerned should take realistic view of the matter and allow the refunds of sales tax and Income Tax to exporters and manufacturers at the earliest. The process to get refunds is so lengthy and cumbersome that sometimes takes months for a manufacturer or an exporter to get his own money refunded, he added.

He asked the Federal Board of Revenue not to withhold sales tax and income tax refunds of the businessmen to hide their failure of meeting the collection targets and expansion in tax net. He urged the government to allocate funds for clearing all stuck-up refunds.