Home / Knowledge / News / Textiles / Pakistan's RTO to release textile exporters' refund claims
Pakistan's RTO to release textile exporters' refund claims
07
Feb '14
In a bid to extend some relief to local textile exporters of Pakistan, the Chief Commissioner Inland Revenue Faisalabad Shaukat Mahmood announced that the Regional Tax Office (RTO) has geared up efforts to clear the pending refund claims of textile exporters within stipulated time. 
 
While addressing members of the Pakistan Textile Exporters Association (PTEA) during a recent meeting, Mr. Mahmood said the textile industry is the backbone of the country’s economy, and textile exporters play a major part in strengthening it.
 
The Government is resolute to address the financial issues faced by them, as the situation is not only impacting industrial activities negatively, but is also impending new investments, he added.
 
At the meeting, Mr. Mahmood explained that the RTO Faisalabad has already initiated the processing of refund claims under Section 66 and most of the long-term pending claims have been cleared, however many claims are still pending.
 
The official assured that outstanding claims of federal excise duty refunds would also be cleared at the earliest, and informed that all claims are being treated on first come first serve basis, in accordance with the parameters set by the Government. 
 
On blacklisting of suppliers, Mr. Mahmood informed that RTO shall share all relevant information about blacklisted suppliers with textile entrepreneurs, to help them. On issue of audit notices to exporters, he called it to be a part of routine practice as they too need to abide by law.
 
Highlighting the issues faced by the textile exporters in tax regime, PTEA chairman Sheikh Ilyas Mahmood said that huge sums of textile exporters are blocked in refund regimes, particularly federal excise duty regime, which has given rise to a financial crunch situation.
 
Urging for expedite processing and release of claims, he said that if those funds are released, exporters can use the same towards business expansion. 
 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search