LAHORE - Pakistan Industrial and Traders Associations Front (PIAF) has appreciated the decision of the government to disburse one-fourth of the total outstanding refund amount of Rs50 billion to the exporters before the end of this month.

PIAF Chairman Irfan Iqbal Sheikh said this while addressing the ceremony held to mark the opening of a new election office of PIAF-Founders Alliance, established in Landmark Plaza, Jail Road.

The ceremony was attended by the leaders of Alliance, including Mian Anjum Nisar, Senior Vice Chairman Tanveer Sufi and Vice Chairman Shahzeb Akram.

Sheikh stated that the government was finally fulfilling its commitment regarding the payment of stuck up refunds.

“It’s a good omen that the FBR has prepared refund cheques, amounting to Rs70 billion for disbursement and for this documentation is underway,” he added.

According to reports, the FBR is going to disburse refunds against those cases that were settled up till April 30.

The total outstanding refunds, under all the heads, including sales tax, income tax and duty drawback, were estimated at Rs201 billion.

The refunds have been accumulated after eliminating zero-rating of sales tax for the export and textile sectors. The PIAF, for the last two years, has been urging the government to re-introduce zero-rating for the export sector, as the industry is facing serious liquidity crunch.