The government has assured the All Pakistan Textile Mills Association (APTMA) that all tax issues, including refund claims, would be resolved as quickly as possible as it is committed to facilitating trade and industry by sanctioning all pending tax refunds in order to relieve the export-oriented industry from a liquidity crunch, especially in view of the post-Covid economic meltdown.

The commitment was made by Qaiser Iqbal, Chief Commissioner, Lahore Large Taxpayer Office (LTO) in a zoom meeting with APTMA members. Abdul Rahim Nasir, Chairman, APTMA Punjab also addressed the session and presented demands of taxpayers to the Chief Commissioner.

The LTO chief commissioner said that the Federal Board of Revenue (FBR) accords prime importance to the resolution of all tax matters being faced by exporters and has recently launched a new refund release system, FASTER plus, to expedite the refund of taxes paid on inputs used in exported goods.

A dedicated cell would be set up soon for processing of all deferred cases with the direction to ensure that no deferred claim remains pending indefinitely whereas the FBR is also working to develop new software which will eliminate bogus invoices.

Issues relating to WHT on their electricity bills and extension of the benefit of Clause 66, Part IV of the Second Schedule to Income Ordinance, would be resolved in consultation with Lahore Electric Supply Company (LESCO).