President of Korangi Association of Trade & Industry Zahid Saeed, Senior Vice President Saleem-uz-Zaman and Vice President Syed Wajid Hussain said in a statement that any further delay in release of tax refunds will not be acceptable. The statement was a response of news regarding blockage of 100bn by FBR for refunds. Zahid Saed Said that total amount of exporters’ refunds held up by the government was between Rs250bn and Rs300bn.
This amount included sales tax refunds, customs rebate and duty drawback amounts. The industry was faced with liquidity crunch because of blocking of refunds by the FBR, he added. He also said that Pakistan is losing its share in the world export markets to as the result of such hurdles, cost of doing business has increased manifold in the last few years and after many promises , refund issue yet to be resolved. Zahid appealed Prime Minister Mian Nawaz Sharif to intervene in this issue and as before he heard the concerns of business community in past.