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PAAPAM seeks refunds clearance May 4, 2021 LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the Federal Board of Revenue (FBR) to clear around Rs5 billion sales tax refunds of the tractor industry immediately, as non-disbursement of refunds might cause a delay in the payment to the vending industry. In a joint statement, PAAPAM Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar, and Vice Chairman Irfan Qureshi said that the tractor industry is facing a severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds of around Rs3.5 billion, while Rs1.4 billion of Al Ghazi are pending for the last one-and-a-half years. ....
Auto parts body demands release of tax refunds Cautions govt if payments are held back, tractor parts makers will face trouble In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has urged the Federal Board of Revenue (FBR) to clear around Rs5 billion worth of sales tax refunds of the tractor industry immediately as non-disbursement of refunds may cause a delay in payments to the vending industry. In a joint statement, Paapam Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar and Vice-chairman Irfan Qureshi pointed out that the tractor industry was facing severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds were worth about Rs3.5 billion while Rs1.4 billion of Al-Ghazi Tractors had been outstanding for the last one and a half year. ....
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