LAHORE: The Lahore Chamber of commerce and Industry on Friday appreciated Finance Minister Ishaq Dar for directing the Federal Board of Revenue (FBR) to pay outstanding Sales Tax Refunds up to Rs. 0.5 million in three weeks and Rs 1 million up Apri 15, 2014.
LCCI President Engineer Sohail Lashari in a statement issued here, said that the decision to clear the sales tax refunds backlog would facilitate exporters.
The LCCI president said it was a long standing demand of the LCCI that the huge refunds backlog should be cleared as the blockage of working capital had impacted the ability of the businessmen to expand their businesses.
He said since the markup rate had been high and the business community was hardly availing any loans from the banking channels, therefore, the decision to give refunds would help businesses flourish.
The LCCI president said the LCCI was thankful to Finance Minister Ishaq Dar for accepting its demand and directing the tax authorities to ameliorate problems of small and medium entrepreneurs.