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'Pak textile exports hit by liquidity crunch'
18
Mar '16
A liquidity crunch is badly hitting Pakistan's textile exports, Chairman of All Pakistan Textile Mills Association (APTMA) Tariq Saud has said.

According to Saud large manufacturers cum exporters are reeling under a liquidity crunch due to the pending sales tax refunds. Consequently, the manufacturing of exportable goods is being compromised heavily, he said.

He said the Ministry of Finance has announced liquidation of refunds up to Rs 5 million in cases where the Refund Payment Orders have been issued from March 15 to 30.

"This is a positive development and the textile industry is grateful to the Federal Finance Minister Ishaq Dar," he added.

But Saud insisted that it will not resolve the liquidity issues of major manufacturers cum exporters, each of whom has refunds outstanding up to Rs 500 million.

He has urged the Finance Minister and the Federal Board of Revenue (FBR) Chairman to make arrangements for clearance of those refunds. It would help them book and process export orders and take the industry out of a sluggish mode, he said. (SH)

Fibre2Fashion News Desk – India

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