ICCI proposals to be considered in upcoming budget: FBR chief

Chairperson Nausheen Javed says tax refunds process will be accelerated to address liquidity constraints faced by business community

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ISLAMABAD: Federal Board of Revenue Chairperson Nausheen Javed Amjad said on Thursday that budget proposals sent by the Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration as they would be helpful in finalising the federal budget 2020-21.

She said this while talking to Muhammad Ahmed Waheed, President Islamabad Chamber of Commerce and Industry, who called on her along with Malik Sohail Hussain, Chief Coordinator UBG, FPCCI.

Nausheen Javed assured that the process of tax refunds payment would be accelerated to address the liquidity issues of the business community.

She said the role of business community was important in the economic development of country and the FBR would try to facilitate them in tax matters for business promotion.

Many tax related issues of business community that needed close attention of FBR for redress were discussed.

The ICCI chief said that due to the situation created by COVID-19 pandemic, businesses and industries have suffered huge losses and in these conditions, FBR should play role to facilitate them in tax matters for revival of business activities.

He said the ICCI has sent the FBR comprehensive and sector-wise budget proposals of various sectors including steel, cooking oil and ghee, steel re-rolling, real estate, furniture and others that should be included in the final budget to address their tax issues.

Waheed further said huge amount of income tax and sales tax refunds was pending with the bureau due to which the business community was facing liquidity issues, suggesting the FBR to speed up the process of their payment or allow their adjustment against payable taxes.

He said adjustment of tax refunds against payable taxes would provide good relief to the business community at a time when businesses are suffering from the impact of COVID-19 pandemic.

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