KARACHI: The All Pakistan Textile Mills Association (Aptma) has vehemently demanded the government to speed up clearance of outstanding refund payments as committed by Finance Minister Ishaq Dar.
According to Aptma Chairman Yasin Siddik, Finance Minister Ishaq Dar while presenting the federal budget in June, had promised to clear all outstanding sales tax refunds by September 30.
In a statement issued here, he claimed that a huge amount had been stuck in Sales Tax refunds regime which had caused severe liquidity crunch for the textile industries.
He pointed that two months had elapsed since the government had last made sales tax refund payments to large textile units.
Siddik stressed that timely and swift refund clearance would not only build trust in the tax system, but would also help the tax authorities introduce reforms in the existing system.
The Aptma chairman also pointed out that to fetch a reasonably good price for the country’s products in the international market, the consumption of manmade fibres should be encouraged by exempting them from customs duty and other taxes.
He said the reimbursement against the Technology Up-gradation Fund had also been outstanding for the last two years and about three and a half years in the case of Export Finance Mark-Up Rate Support and Drawback on Local Taxes and Levies scheme, although Aptma’s members had fulfilled all the required formalities.
Pakistan’s leading oil refineries warn of shutting down production over smuggling
ISLAMABAD: Five of Pakistan’s largest oil refineries on Thursday warned that increasing smuggling of petroleum products is threatening refinery operations...
