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FBR's shortcomings cause APTMA to pay Rs 4bn in taxes
04
Apr '13
Federal Board of Revenue’s (FBR) failure in spotting the producers of finished textile goods and collect five percent withholding tax on exports made by them has caused members of the All Pakistan Textile Mills Association (APTMA) to endure a burden of Pk Rs. 4 billion in tax payment.
 
SRO 154 necessitates a company producing finished goods for export to pay a five percent refundable tax. However, the order does not impose any tax payment liability on the spinners.
 
Taking advantage of the loopholes, people register fake companies, and procure raw materials from APTMA members to produce finished goods to be sold in the domestic market instead of exporting them, APTMA’s Acting Chairman Wisal Ahmad Mannoo said while addressing a press conference.
 
Now as FBR failed to identify such fake companies, it asked APTMA to pay the taxes, which in reality should have been collected from producers of end products. 
 
However, in order to save the industry’s image, APTMA members accepted to pay these taxes, Mr. Mannoo said and added that the country’s textile industry is well documented and they do not want to bring any disgrace to the industry and hence have accepted to pay the sum.
 

Fibre2fashion News Desk - India

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