Refund Claims Must Be Made Part Of Upcoming Budget: FCCI

FAISALABAD, (UrduPoint / Pakistan Point News - 3rd May, 2024) All refund claims of exporters must be made an integral part of the upcoming Federal budget to give a quantum jump to the exports by resolving their liquidity problems, said Dr Sajjad Arshad, Acting President Faisalabad Chamber of Commerce & Industry (FCCI).

In a statement issued here on Friday, he said that textile exporter's pending claims have soared to Rs. 210bn in addition to Rs. 40bn of current refund claims. He further said that pending refund claims include Rs. 45bn of regular sales tax, Rs.100bn of deferred, Rs.25bn of duty drawback and Rs.

40bn of income tax refund claims.

He said that the government must focus on the immediate clearance of all pending refund claims so that the exporters could focus on enhancing exports instead of wasting their precious time in getting stuck up refund claims.

He said that markup rate on export finance schemes should also be trimmed. He demanded that the government should address the basic and fundamental problem of high cost of electricity and gas by introducing a competitive regime so that exporters could compete with the regional countries in the international markets.