Islamabad, Pakistan – Foreign investors operating in Pakistan have urged the Federal Board of Revenue (FBR) to address the growing backlog of tax refund claims, which has reached Rs108 billion.
The Overseas Chambers of Commerce & Industry (OCCI) has expressed concerns that the delay in refund payments is negatively impacting the liquidity and cash flow of multinational corporations (MNCs) operating in the country.
In a letter to FBR Chairman Rashid Mahmood Langria, OCCI Secretary General Abdul Aleem Khan highlighted that the backlog of tax refunds for OICCI members has increased from Rs94 billion in February 2024 to Rs108 billion as of July 31, 2024. Profit
The OCCI emphasized that the delay in refunds is undermining investor confidence and hindering the growth of foreign investment in Pakistan. They urged the FBR to take immediate steps to resolve the backlog and ensure timely payment of tax refunds to foreign investors.
