Online
\nLahore
\nThe Pakistan Readymade Garments Manufacturers and Exporters Association (NZ)
\nChairman Sohail A. Sheikh has expressed his concern over the performance of the Federal Board of Revenue\u2019s newly-launched Fully Automated Sales Tax e-Refund (FASTER) System as the commitment of the government to release exporters\u2019 sales tax refunds within 72 hours has not been fulfilled yet, affecting SMEs severely.
\n\u201cPRGMEA welcomes Prime Minister Imran Khan\u2019s directives to the Federal Board of Revenue to clear pending refunds of exporters, removing bottlenecks from the new refund payment system of the FBR,\u201d he said in a statement issued here today.
\nPRGMEA NZ chairman asked the PM to also get his directives implemented on immediate basis and in their true spirit, as the exporters especially of SME sector, are facing a severe liquidity crunch due to delay in payment of sales tax refunds despite launch of new system by the FBR.
\nAt a time when banks are already reluctant to finance small industrial units amidst tight monetary policy the exporters need more quick and speedy system of refunds payment of their own money.
\nMoreover, he added that the Small and Medium Enterprises sector in the country needs proper financial facilitation and friendly policies\u2019 support.
\nPRGMEA chief said that the government and the financial institutions are more inclined towards the large scale business set-ups and industrial units.
\nHe said that it is evident from the economic development history of big economies around the world that the economic well-being and strengthening has resulted from the progressive development of SME sector in their countries.
\nKeeping eyes on the economic future and building Pakistan as a nation of prosperous and developed people, the business communities, economic scholars and different forums in Pakistan has been voicing for the SME sector development.
\nHe urged commercial banks to improve access for the SME sector that contributes heavily to the country\u2019s GDP, generating employment on a large scale. Despite significantly contributing to the GDP, exports and employment generation, the financing percentage of SMEs remains pathetic in the overall financing to customers of various levels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Online Lahore The Pakistan Readymade Garments Manufacturers and Exporters Association (NZ) Chairman Sohail A. Sheikh has expressed his concern over the performance of the Federal Board of Revenue\u2019s newly-launched Fully Automated Sales Tax e-Refund (FASTER) System as the commitment of the government to release exporters\u2019 sales tax refunds within 72 hours has not been fulfilled […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-101158","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n