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FBR assures Pakistan textile exporters of speedy refunds
15 May '12
2 min read
Federal Board of Revenue (FBR) Chairman Mumtaz Haider Rizvi has assured textile exporters of Pakistan regarding removal of hurdles and speeding up payments of customs rebates and sales tax refunds, Pakistan Textile Exporters Association (PTEA) Chairman, Rana Arif Tauseef, said.
Mr. Rana said a delegation led by him convened a meeting with the FBR chief to apprise him regarding the problems with the refund system.
PTEA representatives also voiced the difficulties faced by exporters as their huge sums get blocked under different refund regimes, which causes liquidity crisis.
The FBR Chairman was informed that millions of rupees of textile exporters are blocked under duty drawback and federal excise duty refund regimes.
The delegation also noted that severe liquidity crisis faced by several textile producers and exporters has resulted in closure of many industrial units.
Mr. Rana said, he advised Mr. Rizvi to subject textile exports to a flat one percent withholding tax, instead of different slabs of 1 percent to 3.5 percent.
PTEA also urged the FBR Chairman to consider granting several duty exemptions. This includes call for exemption of five percent sales tax on purchases made by sizing, hosiery, embroidery, weaving and home textile sectors from unregistered persons, as these are only conversion sectors.
The FBR Chairman was also called on to exempt the value-added textile chain from CNIC and NTN registration under SRO 191.
Mr. Rana said a delegation led by him convened a meeting with the FBR chief to apprise him regarding the problems with the refund system.
PTEA representatives also voiced the difficulties faced by exporters as their huge sums get blocked under different refund regimes, which causes liquidity crisis.
The FBR Chairman was informed that millions of rupees of textile exporters are blocked under duty drawback and federal excise duty refund regimes.
The delegation also noted that severe liquidity crisis faced by several textile producers and exporters has resulted in closure of many industrial units.
Mr. Rana said, he advised Mr. Rizvi to subject textile exports to a flat one percent withholding tax, instead of different slabs of 1 percent to 3.5 percent.
PTEA also urged the FBR Chairman to consider granting several duty exemptions. This includes call for exemption of five percent sales tax on purchases made by sizing, hosiery, embroidery, weaving and home textile sectors from unregistered persons, as these are only conversion sectors.
The FBR Chairman was also called on to exempt the value-added textile chain from CNIC and NTN registration under SRO 191.
Fibre2fashion News Desk - India
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