KARACHI: President Federation of Pakistan Chambers of Commerce and Industry FPCCI Mian Anujm Nisar President expressed serious concern over limiting the release of income tax refunds to Rs.5 million by Federal Board of Revenue (FBR).
Mian Anjum Nisar appreciated the Advisor to Prime Minister Dr. Abdul Hafiz Sheikh that he has already given instructions to release income tax refunds, which he informed during video conferencing meeting on the budget with FPCCI.
The promised position to release the income refunds given by the SAP to PM on Finance, Revenue and economic Affairs was a sigh of relief towards expected revival of economy, which is registering negative growth post of COVID-19 adverse effects. The apex body also would like to share its opining that the income tax refunds as due and to be released will partly offset the adverse impacts on the economy.
But it is most unfortunate and disappointing to know that FBR has put ceiling of Rs. 5 million (cumulative of 5 years). This has closed the access to even those business entities which have cumulated tax refunds of even one rupee more than Rs. 5 million in 5 years from 2014-15 to 2018-19 income tax refunds.
Mian Anjum Nisar President FPCCI said that the said ceiling instructions issued by FBR is discriminatory and strongly asked Finance Ministry to instruct for releasing of at least Rs. 5 million income tax refunds to all businessmen regardless of level of their income tax refunds accumulation in the last 5 years. He said that the apex body is of the view that Ministry of Finance should also consider to release half of the accumulated income tax refunds to help in economic revival exercise under taken by the government.