LAHORE: The textile industry has urged Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to release funds for disbursement of duty drawback to exporters against realisation of export proceeds, besides paying refunds of sales tax to the exporters against the already issued RPOs to save the industry from the liquidity crisis.
In a joint press conference at Aptma House – along with other textile associations including Pakistan Hosiery Manufacturers Association, Pakistan Readymade Garments Manufacturers and Exporters Association and Towel Manufacturers Association – All Pakistan Textile Mills Association Chairman Aamir Fayyaz said drawback of taxes, as announced by the prime minister against realisation of exports should be processed immediately. He said the amount to be disbursed over the last three months is estimated at Rs30 billion (Rs 10 billion per month) against the export package of Rs180 billion spread over 18 months period.
He said the FBR has exercised unjust tactics to delay refund payment of exporters for the 2016-17 tax period, as it has issued instructions for rolling back of RPOs to all the chief commissioners. He said any such situation would cause serious liquidity crunch for exporters and manufacturers for processing further export orders.
