ISLAMABAD, Sept 5: The tax authorities have in principle agreed with the representatives of the pharmaceutical sector to chalk out modalities for refunding the amount accruing on account of 15 per cent General Sales Tax on their unsold stocks.

A senior official in the Central Board of Revenue (CBR) told Dawn that the chairman, CBR, Riaz Ahmed Malik in a meeting on Thursday assured the pharmaceutical officials that the issue would be decided in their favour.

According to the official, chairman, CBR would take decision after seeking the approval of the finance minister, Shaukat Aziz and secretary general, Mueen Afzal within next few days.

The meeting was attended besides the CBR senior officials, president of pharma bureau, Jurgon Konig; former chairman Pakistan Pharmaceutical Manufacturers Association (PPMA), Amin Khan; general secretary PPMA, Anwar Ahmed; chairman, Pakistan Chemists and Druggist Association (PCDA), M. Ilyas Nainitalwala and vice-chairman PCDA, Dr. Mushtaq Noorwala.