FPCCI lauds government for clearing refund claims

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ISLAMABAD, Aug 12 (APP): Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Saturday lauded Finance Minister Ishaq Dar for clearing pending refunds of Rs 23 billion and termed it a step which would encourage exporters and taxpayers.
The government had fulfilled its promise to the business
community for clearing their refunds dues where Refund Payment
Orders were issued until April 30, 2017, it said.
The business friendly PML-N government had always remained
sensitive to the issues faced by the business community arising from
stuck up refunds which was encouraging, said Atif Ikram Sheikh,
Chairman FPCCI Regional Committee on Industries in a statement
received here.
He said that exports had shown growth in the first month of
the current fiscal by 10.6 percent while the payment of pending
refund claims would boost external trade in the months to come.
Atif Ikram Sheikh said that tax collection had increased from
Rs 1946 billion to Rs 3362 billion in last four years which indicates
the hard work of the FBR team led by Ishaq Dar.
The government took some bold steps to eliminating tax
exemptions and brought Rs 323 billion into the system but a lot was
yet to be done as tax potential was not less than Rs 6000 billion, he
added.
The business leader said that efforts were needed to reduce the
size of the undocumented economy and increase the tax to GDP ratio
up to 15 percent as the size of the GDP had crossed 300 billion
dollar mark.
The liquidity problem of the taxpayers had been resolved to
some extent, he added and urged the government for clear all the
refund claims as soon as possible.
He urged for looking into the matter of increased cost of
doing business which was making the exports uncompetitive in the
international market.
He called upon increased warmth in relations between tax
authorities and taxpayers which was vital for improved revenue
generation to achieved economic growth.