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Aptma seeks zero-rated facility for unregistered sector
22
Jul '16
The All Pakistan Textile Mills Association (Aptma) has expressed disappointment over imposition of two per cent further tax on unregistered textile sector and demanded zero-rated sales tax facilities for both registered and unregistered sectors.

In a statement on Wednesday, Aptma chairman Tariq Saud said that the zero-rated facility which the government announced in this year's budget, was also available in the past and was nothing new.

“The reason for this facility is because billions of rupees of refunds remain stuck up with FBR and the industry is not able to compete because of severe liquidity crisis,” Saud said.

He insisted that it was the responsibility of the FBR to ensure that refunds of exporters are released in time and because this was not being done the industry had no choice but to demand zero-rating.

The Aptma chief also said that during the discussion with the government in the presence of all textile sector associations representing the entire chain and attended by Finance Minister Ishaq Dar and Haroon Akhtar, Special Assistant to the Prime Minister on Revenue, in which it was agreed that there would be zero rating on registered and unregistered sales and that all industrial raw materials both imported and local would be free from levy of sales tax.

“This agreement is now being jeopardized to prevent the success of the zero-rated facility by which the country would be able to regain its competitive edge and enhance exports,” Saud said.

He urged the Finance Minister to ensure that the spirit in which this facility was framed should remain intact to ensure its success.

He also sought the immediate removal of 4 per cent customs duty and 5 per cent sales tax on the import of cotton in order to enable the spinning industry function properly.

“The destruction of local industry is not in the interest of growers as well as the downstream sector, and such temporary benefits will result in long-term losses,” Saud said.

According to Saud, Pakistan's cotton yarn export had come down by almost 32 per cent in the first 11 months of 2105-16 as compared to the corresponding period of the last year.

Saud also criticised the PRGMEA for demanding removal of regulatory duty on the import of cotton yarn. He backed the government's decision to impose regulatory duty, saying it was necessary because India was dumping yarn in Pakistan at subsidised rates. (SH)

Fibre2Fashion News Desk – India


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