LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Tuesday urged Federal Minister for Finance Asad Umer and the Federal Board of Revenue (FBR) to ensure early release of Rs10 million refund claims to trade and industry in the first phase as businesses are facing severe liquidity crunch.

A joint statement released by LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said a delay in income tax and sales refunds to trade and industry was hampering growth of the productive sectors and may lead to closure of several industrial units.

The process of getting refunds is lengthy and sometimes it takes months for manufacturers and exporters to get their own money refunded, the press release said.

Businessmen are bearing huge financial cost and facing dire liquidity crunch and the chairman FBR must look into the matter and ensure early release of sales tax and income tax refunds, it added.

They LCCI representatives also urged the federal finance minister to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up sales tax and income tax refund claims.

Published in Dawn, March 20th, 2019