LCCI For Immediate Release Of Tax Refunds
Muhammad Irfan Published October 05, 2024 | 11:32 PM
The Lahore Chamber of Commerce & Industry (LCCI) has urged the Federal Board of Revenue (FBR) to release long-pending tax refunds as undue delay is creating financial problems for the business across Pakistan
LAHORE, (UrduPoint / Pakistan Point News - 5th Oct, 2024) The Lahore Chamber of Commerce & Industry (LCCI) has urged the Federal board of Revenue (FBR) to release long-pending tax refunds as undue delay is creating financial problems for the business across Pakistan.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry here Saturday expressed concerns over the impact that non-release of tax refunds were
hitting the operational capacity of businesses, particularly small and medium enterprises (SMEs).
They said that the business community was facing financial crunch. The delay in the disbursement
of tax refunds was worsening the situation as businesses were unable to manage their
cash flows effectively.
The LCCI office-bearers highlighted that these delays were impeding the ability of businesses to reinvest in operations, expand their ventures and retain employees. “In this challenging economic environment, timely access to tax refunds could act as a lifeline for many businesses that are struggling to stay afloat. We urgently request the FBR to accelerate the process of refund payments, as withholding these funds is causing severe liquidity problems for businesses,” they added.
The LCCI office-bearers underscored the disproportionate impact on SMEs, which form the backbone of the economy and were highly vulnerable to cash flow issues. They said that for SMEs, timely tax refunds were crucial. These businesses already operate on tight margins and delays in receiving refunds could lead to disruptions in their supply chains, force them to take on debt at high interest rates or even push them towards bankruptcy.
LCCI President Mian Abuzar Shad said the business community was doing its best to keep operations running but delayed refunds were choking businesses of much-needed liquidity.
This situation is hampering not only domestic trade but also export competitiveness.
The LCCI office-bearers said that businesses rely on refunds to reinvest in operations, innovate and improve their competitiveness in global markets. They said that when refunds were delayed, businesses were forced to reduce production, scale back expansion plans and in some cases, lay off employees. This, in turn, affects consumer spending, government tax revenues and the overall economic growth of the country.
The leadership of the Lahore Chamber urged the government to take swift action to resolve the issue of pending refunds which had remained a long-standing concern for the business community.
LCCI office-bearers, while emphasizing the need for urgent intervention, said that they understand that the government was dealing with multiple economic challenges, but the issue of refunds needs immediate attention. These funds rightfully belong to the business community and should not be held back. The release of refunds is not a luxury, it is a necessity.
In addition to calling for the immediate release of refunds, the LCCI leadership proposed that the FBR streamline its refund process to prevent future delays. They said that the current refund process is often cumbersome and time-consuming. The LCCI recommends that the FBR introduce more efficient systems such as automated refunds or expedited processing for export-oriented businesses, which could ensure that businesses receive their refunds on time without unnecessary delays.
They added that improved communication between the FBR and the business community would help address concerns more effectively.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 3 November 2024
Today Gold Rate in Pakistan 03 November 2024
9th Multidisciplinary Student Research International Conference (MDSRIC 2024) co ..
Man City suffer shock 2-1 Premier League loss at Bournemouth
Ch. Shafay inaugurates construction sector's expo
Serbia mourns victims after roof collapse kills 14
APTMA for cooperation with Gherzi on fiber recycling,renewable energy
Dairy & Food Industry Product/Catalogue Show at LCCI
Muntaha Ashraf called on LCCI president
Sindh Prisons Minister vows reform and accountability
Acting President, PM laud security forces for operation against Khawarij in S. W ..
Greek anti-terror police arrest man after deadly Athens blast
More Stories From Business
-
Over 4.2m cotton bales arrival recorded at ginneries till Oct 31
2 hours ago -
Sierra Leone wins Breeders' Cup Classic after Derby disappointment
5 hours ago -
Faker's T1 retain League of Legends world title
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 3 November 2024
6 hours ago -
Today Gold Rate in Pakistan 03 November 2024
7 hours ago -
PML-N symbol of public welfare: Rana Sanaullah
16 hours ago
-
Ch. Shafay inaugurates construction sector's expo
17 hours ago -
APTMA for cooperation with Gherzi on fiber recycling,renewable energy
17 hours ago -
Dairy & Food Industry Product/Catalogue Show at LCCI
17 hours ago -
Muntaha Ashraf called on LCCI president
17 hours ago -
FBR rebuts claims of IMF rejecting revision of targets
17 hours ago -
Tashkent to host upcoming meeting of Pak-Uzbek IJC
17 hours ago