LAHORE: Textile exporters have been invited by Pakistan’s Federal Board of Revenue (FBR) to a moot at FBR headquarters on March 1, 2023 to deliberate on and resolve the issues related to sales and income tax refunds.
The FBR is committed to resolving the problems of exporters and enable them to enhance the country’s exports, said the FBR in a tweet. The board added by saying that all textile exporters were invited to resolve the refund issues to relieve the cash flow burden.
Additionally, to address the exporters’ liquidity problems, FBR has issued refunds of Rs 208 billion during the first seven months of the current financial year, as opposed to Rs 183 billion during the same period of last year, which is an increase of 14 per cent to the previous year’s issued refunds.
Textile exporters in Pakistan have been seeing a steady decrease in revenue and business opportunities due to the financial crisis plaguing the country.
The exports of the textile industry dropped 8 per cent from July to January according to the Pakistan Bureau of Statistics (PBS) data. Textile exports remained at US $ 10.8 billion from July to January as opposed to last year’s US $ 10.93 billion.
This decline was ironically witnessed at a time when the federal government increased its focus on exports for valuable foreign exchange but the performance of the textile sector remained unimpressive globally.
