The Overseas Investors Chamber of Commerce of Industry (OICCI) has requested the Chairman Federal Board of Revenue (FBR) to settle Rs. 93 billion in pending Income and Sales Tax refunds of its members.
“Following our letter of July 12, 2023, we hereby enclose an updated list of pending Income and Sales tax refunds for OICCI members as of September 2023. The total amount now stands at over Rs. 93 billion, with Rs. 52 billion pertaining to Income tax and Rs. 41 billion to Sales Tax,” the letter read.
OICCI said the pending tax refunds of its members have been increasing rapidly in the last two years. Based on statements submitted to FBR in the past, for example, the pending tax refunds of OICCI members as of September 2023, are 80 percent higher than October 2021.
“As you are well aware, the current economic climate poses exceptional challenges, marked by super high inflation and interest rates, along with the burden of exorbitant tax rates and restrictions on remittances. In these trying circumstances, the longstanding delay in processing Income and Sales tax refund claims is placing additional strain on the cash flows, consequently, sending negative signals to MNCs corporate headquarters,” the letter added.
OICCI requested immediate intervention to expedite the resolution of legitimate outstanding tax refund claims of its members. The chamber also invited Chairman FBR for a meeting “at a mutually convenient date soon”.
The details of the outstanding refund claims are in the document given below.
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