Home / Knowledge / News / Association/Org / Pakistan textile exporters unhappy over withholding tax
Pakistan textile exporters unhappy over withholding tax
28
Feb '13
Apprehending that the withholding tax levy would have detrimental effects on their exports, the textile exporters of Pakistan have refuted the Federal Board of Revenue’s (FBR) decision to impose the same.
 
Since February 14, 2013, the Government has brought all the registered companies and exporters within the sales tax withholding regime, and they have to deduct 20 percent of the payable sales tax on all purchases.
 
Noting prior notice was given and the business community was taken into confidence before issuance of the statutory regulatory order (SRO) 98(I)/2013 in this regard, Pakistan Textile Exporters Association (PTEA) vice chairman Muhammad Asif said the move would not only raise their cost of doing business, but would also have an adverse impact on their cash flows and exports.
 
Mr. Asif demanded immediate rollback of the said order, in a PTEA statement.
 
He condemned the levy as a pure means to generate revenue by FBR, which is grappling to meet its exaggerated tax collection target of Pk Rs. 2.381 trillion.
 
FBR has been able to collect PK Rs. 1.03 trillion in taxes during the first seven months of the current fiscal, which is only 43 percent of the set target, he added.
 
According to PTEA, such measures would not enhance the revenues of the Government, but would only cause hindrances to smooth running of their businesses.
 
Mr. Asif said besides tax collection, FBR should also be delegated the duty of ensuring an enabling business environment through policies aimed at boosting trade, commerce, exports, industrialization and employment generation.
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2021

Bangladesh apparel exports decline 2.99% in H1 FY21

Readymade garment exports from Bangladesh declined by 2.99 per cent...

Pic: PRNewsfoto/Goat Group

E-commerce | On 22nd Jan 2021

Groupe Artemis makes strategic investment in Goat Group

Goat Group, the global platform for the greatest products from the...

Pic: Citi Trends

Retail | On 21st Jan 2021

Citi Trends to open 100 new stores by fiscal 2023-end

Citi Trends, Inc, a US-based value-priced retailer of fashion...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Simon Daplyn,

Simon Daplyn

Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...

Anupam Chakrabarty,

Anupam Chakrabarty

Headquartered in Finland, Helsinki, Lindström Group is a textile rental...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

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

Leave your Comments


January 2021

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


Advanced Search