Business leaders ask FBR to refund claims to exporters

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KARACHI: Former Chief Executive, Trade Development Authority of Pakistan (TDAP) S M Muneer has urged the Federal Board of Revenue (FBR) to immediately release the Sales Tax Refund to exporters which have reached to the tune of Rs300 billion.

In a statement, he said that due to inordinate delays in refund of Sales Tax claims the exporters had been rendered to suffer from liquidity crunches and shortages of working capital and had compelled them to acquire loans from financial institutions at exorbitant markup rates to avoid default and meet the exports order within the stipulated time.

S M Muneer, who is also the ex-President of FPCCI said, “Although FBR is bound to issue the refund within the stipulated time of 45 days after the claim date, perhaps it never happens.”