KATI demands to issue custom drawback Duty, tax refund


KARACHI Oct 14 (TNS):  President of Korangi Association of Trade & Industry (KATI) Tariq Malik, Senior Vice President Salman Aslam and Vice President Junaid Naqi demanded to issue custom drawback duty and tax refund.

It was also said in a statement released by KATI that to resolve this long awaited issue, whatever strategy would be finalized by business community, KATI will stand by it. Tariq Malik said that country’s economy is facing worst burdens; trade deficit has reached to its highest while foreign reserves dropped down drastically.

The statement said that government vowed several times to issue refunds but all are yet to be fulfilled. He also praised the patron in chief of KATI & UBG SM Muneer for his efforts to resolve the refund issue. “What he will decide to resolve this problem we will stand side by side.”

Tariq Malik reminded that the statement by PM Shahid Khaqan Abbasi regarding settle down increasing cost of business was appreciated by business community and now we hope that he will also take right measures for payments of refunds.

He also said that Industries were facing big challenges regarding very basic issues of infrastructure, energy tariffs and shortage, Taxation etc. He said that these challenges are the hurdles in the way of industrialization in the country, if wouldn’t removed, national economy could collapse down.

He further said that to release financial pressures on Industry and Export sector, payment of refund and dues should be paid urgently.