Textile industry awaits refunds worth Rs80 billion

Textile industry awaits refunds worth Rs80 billion

KARACHI: Rifts between the government and textile industry continue to widen as the latter issued another warning about the turmoil within the sector due to no-show of refunds worth approximately Rs80 million.

All Pakistan Textile Mills Association (APTMA) Chairman Amanullah Kassim held a press conference regarding the matter, where he bemoaned the severe liquidity crunch that the businessmen of their industry are going through despite timely payment of taxes from their end.

Kassim reminded those present at the conference that after removing five export-oriented sectors from zero rating from July 1 this year, the government imposed 17% sales tax on exports on the assurance that refunds would be paid within 72 hours. However, the software developed by the Federal Board of Revenue (FBR) under the name of FASTER for payment of refunds has failed to perform its function, resulting in non-payment of considerable sums.

Consequently, the chairman, along with other senior members including Gohar Ejaz from Lahore, repeated their demand for the government to restore zero rating for the sector – which essentially means no sales tax, no refunds.

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