KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has expressed grave concerns regarding the alarming backlog of pending income and sales tax refund claims.

In a letter to Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, OICCI Chief Executive and Secretary General M Abdul Aleem said that unresolved refunds had reached a critical threshold, severely impacting the operational liquidity of companies.

He claimed that as of Nov 30, the total pending tax refunds for OICCI members stand at a staggering Rs102 billion. Of this amount, Rs46bn pertains to sales tax, while Rs56bn is related to income tax, demonstrating an alarming trend that cannot continue unchecked.-Staff Reporter