S M Tanveer urges Finance Minister to clear textile industry refunds by SeptemberJuly 16, 2014
LAHORE: Chairman APTMA Punjab S M Tanveer has urged the Federal Finance Minister Ishaq Dar to direct the Federal Board of Revenue (FBR) to meet the deadline of liquidating the Sales Tax refunds of textile industry by September in line with his pledge in the budget speech of liquidating all Sales Tax refunds of textile industry by September this year.
He said a total of Rs. 20-25 billion Sales Tax refunds of the textile industry are stuck up with the FBR over the period of last six years. On an average, he added, about Rs50 million of each textile mill is yet payable on account of special Excise Duty, deferred and current/regular refund claims.
Despite the fact that the textile industry is being treated under the Reduced Rate Regime but still heavy amounts of each textile mill are stuck up with the FBR.
Chairman APTMA Punjab said the textile industry is an export-oriented industry, facing acute energy shortage, particularly in Punjab. Majority of mills are operating on two shifts due to the liquidity constraints.
Furthermore, he said, the Punjab-based textile industry is unable to exploit the potential of market access facility from the EU under the GSP plus facility, as liquidity as well as energy constraints were hampering its growth badly. The industry will also not be able to procure cotton ahead due to the prevailing circumstances, therefore, the government should expedite the processing of refund claims of textile industry, he added.
S M Tanveer has appealed to the Chairman FBR to direct the Regional Tax Offices as well as the Large Taxpayer Units to start processing the refund claims in order to meet the deadline of September 2014 and liquidate the refund claims.
The post S M Tanveer urges Finance Minister to clear textile industry refunds by September appeared first on Pakistan Press International.