Tax Refunds: Delayed payments damaging exports
Delay of nine months on FBR’s part in releasing refunds has compromised the ability of many exporters
ISLAMABAD:
President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance and former provincial minister Mian Zahid Hussain has said that the Federal Board of Revenue has been delaying cheques to exporters despite issuance of Refund Payment Orders (RPOs). The business community is already reeling under many problems, therefore, it should not be made to pay for low tax collections and the budget deficit which is not their fault, he said. While speaking to a delegation of exporters, he said that a delay of nine months on FBR’s part in releasing refunds has compromised the ability of many exporters to get new orders, some have simply become uncompetitive while a good number have no option but to find financing on high interest rates to fulfil their commitments.
Published in The Express Tribune, June 2nd, 2015.
President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance and former provincial minister Mian Zahid Hussain has said that the Federal Board of Revenue has been delaying cheques to exporters despite issuance of Refund Payment Orders (RPOs). The business community is already reeling under many problems, therefore, it should not be made to pay for low tax collections and the budget deficit which is not their fault, he said. While speaking to a delegation of exporters, he said that a delay of nine months on FBR’s part in releasing refunds has compromised the ability of many exporters to get new orders, some have simply become uncompetitive while a good number have no option but to find financing on high interest rates to fulfil their commitments.
Published in The Express Tribune, June 2nd, 2015.