Business Community Requests Government to Release Refunds for SMEs

General

The Karachi Chamber of Commerce & Industry (KCCI) has urged the government to assist small businesses in these difficult times, with pending refunds from the Federal Bureau of Revenue (FBR) making trade a dismal affair.

The Chairman Business Group, Zubair Motiwala, said in a statement that the pending income tax refund claims of the associated SMEs should be prioritized. He also lamented that numerous claims between Rs. 50,000 and Rs. 100,000 remain unresolved despite the completion of the federal assessments in recent months.

Motiwala highlighted that the government’s support of small traders, shopkeepers, and other businesses, “will bring some relief to the lives of small businessmen during the ongoing extraordinary situation caused by the COVID-19 pandemic”.

While meeting with local traders and business representatives, he stated,

Blocking such refunds oppresses small businesses that continue to face serious cash flow problems. We have no idea how long the COVID-19 pandemic will last, and it is a well-known fact that almost every household is a victim of this pandemic. Therefore, the government will have to provide relief as it is totally uncertain where the businesses will land up in the days to come

He added that although the government is busy introducing new reforms for the nation’s benefit, special preference should be given to small traders by readjusting the federal taxation scale. He said,

Big businesses may survive but the small ones need support as they have no access to financing facilities and have also lost all their savings while battling the situation

In Motiwala’s purview, the government’s condition to register buyers creates complications for the local businesses that are already working on a limited timeline because of the pandemic. He has vowed to support small traders and businesses in Karachi in the meanwhile.

The President KCCI, Shariq Vohra, has also pledged the complete backing of his office bearers for the resolution of the cases that could arise in the near future.

The business authority is currently working on a number of plans for the future, pending approval from the Government of Sindh.


Source: Propakistani

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