Karachi, August 20, 2019: Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the Advisor to the Prime Minister on Finance & Revenue, Dr. Abdul Hafeez Shaikh to fulfil his commitments made, from time to time.
Particularly in the Finance Act, 2019 and release export sectors’ all accumulated refund claims including deferred Claims ; Customs Duty Drawback ; DLTL etc, lying pending for payment since long for facilitating and enabling environment to the exporters to overcome their liquidity crunch , meet their export orders well in time ; enhance exports and reduce trade deficit so that the export targets as envisaged in the Finance Act, 2019 are met.
Referring to the Finance Act, 2019 the FPCCI Chief recalled that although a provision had been introduced wherein promissory notes would be issued to the Claimants at their option by a newly formed company called the FBR Refund Settlement Company Ltd., but there is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.
The FPCCI Chief appreciated Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance & Revenue and FBR for initiating Expeditious Refund System (ERS) for automated payment on generated Refund Payment Orders (RPOs) in the wake of withdrawal of zero-rating on Sales Tax inputs for five export oriented industrial sectors and also appreciated for providing Sales Tax refunds for manufacturing of five export-oriented sector, within 72 hours through Risk Management (RMS), however, lamented for the delay in implementation of these system.