Payment of tax refunds pleases traders

PM releases funds amounting to Rs21.44b, remaining to be paid by October

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) appreciated the decision of Prime Minister Nawaz Sharif to pay all unpaid sales tax refunds to vital export sectors by October.

It also praised the premier for handing over some of the refunds amounting to Rs21.44 billion to exporters so that they can play their role more effectively in national development, stated a press release issued Wednesday.

“We urge Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to support the business community so that they can invest in new areas to boost exports, provide jobs and ensure rapid pace of development,” said FPCCI President Abdul Rauf Alam.

Citing positive factors, Alam said that tax collection had increased to Rs3,100 billion, inflation and load shedding are on a decline, resources were increasing and rupee was stable.

Meanwhile, United Business Group (UBG) Secretary General Zubair Tufail also lauded the government for releasing refunds, which will infuse new blood in the export sector.

He asked the government to release all stuck up refunds by October so that the external sector can get rid of a liquidity crunch to boost exports, which are imperative for a stable economy.

Earlier, Federal Minister for Commerce Khurram Dastgir said that the government had fulfilled all its promises with the business community. “Now they have to work hard and boost the country’s economy,” said Dastgir.

Published in The Express Tribune, August 25^th, 2016.

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