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Textiles body for postponing new ST/FE return implementation
26
Aug '11
Implementation of the new sales tax and federal excise return should be postponed for the time being, Jalaluddin Roomi, Chairman of the All Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA), has said.

He stated that if it is required, alterations like requirement of HS Code, CNIC, stock reconciliation and monthly closing, may be introduced from the next tax period, only after making required amendments finalised in consultation with stakeholders.

The Government had introduced a five-year textile policy and a three-year trade policy, but now it is refuting these policies and is rolling back the amenities, incentives and other allowances that it had extended under these policies, he said.

The APBUMA Chairman revealed that the incentives were availed by the exporters only for the period from September 1, 2009 to February 28, 2010, since no circulars have been issued thereafter.

He also called the Government's attention to the issue of reimbursement of massive sums of the sales tax and duty drawback claims that the sales tax and customs departments are withholding.

APBUMA holds a strong view that if any cumbersome or unnecessary changes are introduced in sales tax and federal excise returns, besides pushing up the cost of doing business, it would also lead to a fall in sales volume and ultimately in FBR's sales tax collection, he said.

Above 60 percent of the taxes that FBR collects are indirect taxes and sales tax constitutes a significant part of the same.

Fibre2fashion News Desk - India


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