FCCI welcomes FBR's proposal to issue negotiable security bonds

January 14, 2019: Faisalabad Chamber of Commerce and Industry (FCCI) has welcomed a proposal of Federal Board of Revenue (FBR) to issue negotiable security bonds to ensure payment of refund claims to the exporters.

In a statement President FCCI Syed Zia Alumdar Hussain said the government is collecting different taxes, duties and levies from the exporters which are refundable.            

Under this, a huge amount has been piled up which has eroded the financial strength of the exporters who are now facing liquidity crunch.

He said, earlier, Punjab government had also discussed a proposal to issue negotiable security bonds to the exporters in lieu of their refund claims.

He said FBR has actually endorsed this idea and presented this proposal which will not only facilitate the exporters but also help government to retire from its responsibility to pay back the refund claims.