KARACHI:

On the directives of Prime Minister Shehbaz Sharif to hold monthly meetings with the Karachi business community in the first week of every month, FBR Chairman Rashid Mahmood Langrial, along with his team, met with office-bearers of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Highlighting key decisions of the meeting, FPCCI SVP Saquib Fayyaz Magoon said that the prevention of misuse of grey fabric under the Export Facilitation Scheme (EFS) was a significant development. He stated that exporters were facing difficulties due to higher valuation rulings on raw materials imported under the EFS. The 10% value-addition requirement under the scheme relates to the export of finished goods, rather than the import of industrial raw materials.

Income tax refunds were also discussed in detail. It had already been decided that deferred refunds would be paid within one to two months. He pointed out that there were pending refunds amounting to Rs83 billion, responding to which the FBR chairman directed that they be released within two to three months.