ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) on Sunday said dysfunctional refund mechanism is threatening economic revival.
President ICCI Atif Ikram Sheikh said that the existing refund system has not only damaged exports but also broken the back of exporters, according to press statement issued here on Sunday.
The situation can only change if refund mechanism is fully automated eliminating the role of officials, since the fake refunds are inflicting loss of billions to national exchequer.
Atif Ikram noted that and all the efforts to tackle the refund mafia have backfired leaving automation as the only solution to streamline export sector.
Automatic refunds would eliminate fake refund, end delay in payments, trigger exports and may help trading community.