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FPCCI opposes proposed sales tax on textile exports
03
Jun '13
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly opposed the proposed imposition of sales tax on the country’s textile exports by withdrawing the zero rating facility enjoyed by the sector at present.
 
FPCCI president Zubair Ahmed Malik said at present there was no net collection of sales tax by the Federal Board of Revenue (FBR) on the five zero-rated export sectors, and now the Government wants to collect the sales tax and then refund the same, Daily Times reported.
 
According to Mr. Malik, such a step would result in corruption, blockage of funds and unnecessary hassle for five export sectors—textile, leather, sports, surgical and carpet goods.
 
He said the present system is going smoothly and requested the new Government to hold a meeting with all stakeholders before implementing the decision to collect sales tax and then refund the same.
 
He said, in the past, the sales tax on exports had resulted in massive corruption in the refunds process, resulting in huge loss of revenue.
 
If the decision to collect sales tax from the five zero-rated sectors, including the textile sector, is imposed, then it would be an added burden on exporters, who would suffer due to blockade of their capital, he added.
 

Fibre2fashion News Desk - India


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