Budget proposals sent by the Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration and they would be helpful in finalising the federal budget for 2020-21, said Federal Board of Revenue (FBR) Chairperson Nausheen Javed Amjad.

Talking to ICCI President Muhammad Ahmed Waheed on Thursday, she assured him that the process of paying tax refunds would be accelerated to address liquidity issues of the business community.

“The role of the business community is important in the economic development of the country and the FBR will try to facilitate businessmen in tax matters for business promotion,” she said.

Speaking on the occasion, Waheed highlighted that many tax-related issues of the business community needed close attention of the FBR for their swift resolution. Owing to the situation emerging from the Covid-19 pandemic, businesses and industries have suffered mammoth losses and in these conditions the FBR should play a key role by facilitating them in tax matters for the revival of business activities, he stressed.

Waheed added that the chamber had sent comprehensive and sector-wise budget proposals to the FBR for various sectors including steel, cooking oil and ghee, steel re-rolling, real estate, furniture and others, which should be included in the final budget and tax issues should be addressed.

He pointed out that a huge amount of income tax and sales tax refunds was pending with the FBR due to which the business community was facing a liquidity crunch.

Waheed called for expediting the process of disbursing the refunds or allowing those refunds to be adjusted against payable taxes.

He said the adjustment of tax refunds would provide modest relief for the business community at a time when businesses were suffering from the impact of Covid-19. 

Published in The Express Tribune, May 22nd, 2020.

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