FAISALABAD: Pakistan Textile Exporters Association (PTEA) has demanded the government to announce business-friendly budget 2015-16, besides overcoming energy crisis in the country.
The government should bring in necessary reforms and give special status to export-oriented textile industry allowing zero rating facility to boost investment and revive growth.
In a statement here on Thursday, Chairman Sohail Pasha and Vice Chairman Rizwan Riaz Saigal of the Association, said that textile industry was the only hope for revival of the country’s economy which is currently jolted by high cost of doing business.
The government should provide level playing field to double its existing share in global textile trade.
Export oriented textile sector, in forthcoming budget, should be given special status by separating it from other industrial sectors, they stressed.
Many incentives under textile package including complete settlement of all outstanding refund claims till September 30, 2014 and rationalization of refund regime was announced in the previous budget 2014-15 but it could not be implemented and around 30 to 40 percent working capital of textile exporters is still stuck up in refund regime.
The whole textile export chain should be zero rated on the pattern of
‘No Tax-No Refund’ from spinning to finished goods in order to get rid of financial crunch, they demanded.
They said that sales tax refund should be processed in minimum possible time in a transparent manner and to streamline the entire refund verification and sanctioning process, the FBR should evolve mechanism for ending practical hassles, liquidity problems of refund claimants and frivolous litigation pertaining to refunds.
