KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended dedicated accounts for prevent fraud in sales tax refunds.
Engr. Daroo Khan Achakzai, President, FPCCI while commenting on SRO 981(I)/2019 of dated August 07, 2019 with special reference to Chapter V-A said that there is need of dedicated Head of Accounts sector-wise for creating transparency.
He further stated though Rs22 Billion have been released to exporters against RPOs issued as of August 31, 2019 but new RPOs have been stopped which creating shortage of liquidity crunch.
The new refund system promised to issue refund within 72 hours still not implemented under new rules that have some lacunas.
The new refund rules which are not very clear and has many lacunas and refunds promised to exporters within 72 Hours still not implemented.
The exporters are confused as the new system does not release pending refunds since 2008.
The new system is full of Errors and the Exporters are facing lot of issues and they cannot file the returns of Refunds.
Unless the new system is perfectly tested it should not be applied.
FBR has already collected approximately Rs.48 Billion (on the basis of last year data as current year data still not available) for textile exporters. In the month of July nothing has been refunded.
The exporters should be informed how much amount of Sales Tax refund is outstanding as of August 31, 2019.
Engr. Daroo Khan Achakzai urged FBR to take remedial measure immediately to solve exporters problems.