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       KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has expressed grave concerns regarding the alarming backlog of pending income and sales tax refund claims.

       In a letter to Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, OICCI Chief Executive and Secretary General M Abdul Aleem said that unresolved refunds had reached a critical threshold, severely impacting the operational liquidity of companies.

       He claimed that as of Nov 30, the total pending tax refunds for OICCI members stand at a staggering Rs102 billion. Of this amount, Rs46bn pertains to sales tax, while Rs56bn is related to income tax, demonstrating an alarming trend that cannot continue unchecked.

       Published in Dawn, December 4th, 2024