Liquidity crunch: KATI chief pushes for release of refunds

KARACHI: Korangi Association of Trade and Industry (KATI) President Zahid Saeed has said that the business community will not tolerate any further delay in the release of tax refunds.

He said the total amount of exporter refunds held up by the government was between Rs250 billion and Rs300 billion, according to a press release issued on Monday.

Senior Vice President Saleemuz Zaman and Vice President Syed Wajid Hussain also voiced concern over the delay in paying tax refunds.

This amount includes sales tax refunds, customs rebate and duty drawback. The industry was faced with a liquidity crunch because of blocking of refunds by the Federal Board of Revenue, Saeed added.

He appealed to Prime Minister Nawaz Sharif to intervene as he had heard concerns of the business community in the past.

Published in The Express Tribune, July 19^th, 2016.

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