Federal Board of Revenue (FBR) official Muhammad Ashraf Khan has assured textile exporters that expeditious payments would be made to clear outstanding refund claims.
The Inland Revenue (IR) member said the FBR is fully committed to resolving the financial issues of exporters as it has become a major challenge that is not only adversely affecting industrial activities but also hindering new investment.
“All fresh claims of exporters’ until June 30 have been settled and the rest will be cleared within a month,” he said. Regarding the deferred refund claims, the IR member informed that claims of Rs2 billion from Faisalabad are pending and a mechanism has been developed at the central level to replicate all deferred cases after every 15 days.
Published in The Express Tribune, November 6th, 2014.
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Under what authority of law does FBR hold back refunds. According to Sales Tax Law,refunds have to be paid in 45 days