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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


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