LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Tariq Saud has said liquidity crunch of large manufacturers cum exporters has started hurting the textile industry. He said that the manufacturing of exportable goods is being compromised due to non-payment of sales tax refund claims.
He said that the Ministry of Finance announced the payment of refund claims up to Rs 5 million in cases where the refund payment orders have been issued from 15th to 30th of this month.
“This is a positive development and the textile industry is grateful to Federal Finance Minister Ishaq Dar,” he added.
However, he said, it will not resolve the liquidity issues of major manufacturers cum exporters, each of whom has got stuck up hefty outstanding amounts as refunds up to Rs500 million.
He said the affected claimants are not in a position to utilise liquidity, which they utilise four times in a year for manufacturing and exporting of consignments.
