UBG lauds Dar for releasing ST refunds

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ISLAMABAD, Nov 2 (APP): The United Business Group (UBG) of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on
Wednesday lauded Finance Minister Ishaq Dar for directing Federal
Board of Revenue (FBR) to release Sales Tax refunds.

The FBR has started transferring refunds worth almost Rs 30 billion directly in the accounts of exporters and other recipients which is heartening as it will relieve exporters and others businessmen of liquidity crunch, said Zubair Tufail, Secretary General UBG.

He lauded appointment of a focal person for the refunds and praised the online transfer system as it will ensure transparency and save the precious time of the business community which will have a positive impact on the overall economic scenario.

Zubair Tufail, who is also UBG’s candidate for the slot of President FPCCI said that the process of transfer of funds will be completed within few days.

He said Finance Minister Ishaq Dar has recently said that the government would clear all kinds of sales tax refunds of up to June 30, 2016, and he has fulfilled his promise.

The business leader said this is first time in history of the country that a government is clearing all refund cases as per promise made by the Prime Minister Nawaz Sharif and that the government had already dispersed refunds worth of Rs 21 billion in August this year.

Zubair Tufail said that the business community hopes that government will also consider early payment of income tax returns.