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Rs22b rebate: OICCI urges FBR to return foreign investors’ tax refunds

Rs22b rebate: OICCI urges FBR to return foreign investors’ tax refunds

ISLAMABAD: Overseas Investors Chamber of Commerce and Industry (OICCI) Chief Executive Abdul Aleem has criticised Federal Board of Revenue (FBR) over withholding Rs22 billion of the foreign investors as tax refund.

Abdul Aleem, while talking to media, said that the tax refunds were the major hurdle in ease of doing business in Pakistan. The OICCI perception survey 2013 had revealed the 86 per cent of the foreign investors working in Pakistan are disappointed with process of tax refunds, he said.

The OICCI chief executive said that FBR has to refund tax amount wroth of Rs 21-22 billion to the foreign investors working in the country. He added the issue of refunds is much serious among the foreign investors.

Speaking on the occasion, OICCI President Asad Jafar said that confidence level of the OICCI members had dropped due to the sit-in of Pakistan Tehreek-e-Insaf (PTI).