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Advance ST claims: PSMA seeks refunds release to ward off liquidity crunch

Advance ST claims: PSMA seeks refunds release to ward off liquidity crunch

ISLAMABAD: With a view to shore up working capital, the Pakistan Steel Melters Association (PSMA) has written to the Federal Board of Revenue (FBR) for the release of pending refund claims of advance sales tax. It is to be noted that the FBR collects advance sales tax on import of scrap at port stage and supposed to be adjusted in electricity bills of respective steel units.

In the letter addressed to the FBR chairman, the PSMA claimed that the refunds claims had accumulated to millions of rupees, adding that claims amount of only seven companies’ had surged to Rs270 million till mid of November 2014. This has created severe liquidity crisis and should be released forthwith to help the sector ensure smooth functioning, the letter stressed.