FBR promises to make concessions
PTEA chairman highlights textile industry’s woes
PTEA chairman highlights textile industry’s woes. CREATIVE COMMONS
FAISALABAD:
Pakistan Textile Exporters Association (PTEA) Chairman Sheikh Ilyas Mahmood said that the Federal Board of Revenue (FBR) has ‘vowed’ to facilitate the textile exporters and has assured them of removing bottlenecks and expediting payments of customs rebates and sales tax refunds. He said this after a meeting with the FBR chairman.
Briefing newsmen after the meeting, Mahmood said that a delegation of PTEA members met FBR Chairman Tariq Bajwa on Friday. Apprising FBR chief of the problems confronting textile exporters, the delegation informed him that the most pressing issue is a severe liquidity crunch as 30 to 35% working capital of textile exporters has been stuck as sales tax, customs rebate and federal excise duty refund regimes. Mehmood suggested that if the amount was released, exporters can deploy the capital towards expansion.
Bajwa assured to accelerate the refund system. “Necessary directions in this regard will be forwarded to regional tax office for the speedy processing of refund claims,” said Bajwa.
He added that on the directions of the government, the department is in the process of clearing all 25,000 claims that are under Rs1 million by April 15. On the issue of huge pendency in customs rebate, Bajwa directed the member customs to hold joint meetings with tax collectors and textile exporters to resolve the matter.
Published in The Express Tribune, April 13th, 2014.
Pakistan Textile Exporters Association (PTEA) Chairman Sheikh Ilyas Mahmood said that the Federal Board of Revenue (FBR) has ‘vowed’ to facilitate the textile exporters and has assured them of removing bottlenecks and expediting payments of customs rebates and sales tax refunds. He said this after a meeting with the FBR chairman.
Briefing newsmen after the meeting, Mahmood said that a delegation of PTEA members met FBR Chairman Tariq Bajwa on Friday. Apprising FBR chief of the problems confronting textile exporters, the delegation informed him that the most pressing issue is a severe liquidity crunch as 30 to 35% working capital of textile exporters has been stuck as sales tax, customs rebate and federal excise duty refund regimes. Mehmood suggested that if the amount was released, exporters can deploy the capital towards expansion.
Bajwa assured to accelerate the refund system. “Necessary directions in this regard will be forwarded to regional tax office for the speedy processing of refund claims,” said Bajwa.
He added that on the directions of the government, the department is in the process of clearing all 25,000 claims that are under Rs1 million by April 15. On the issue of huge pendency in customs rebate, Bajwa directed the member customs to hold joint meetings with tax collectors and textile exporters to resolve the matter.
Published in The Express Tribune, April 13th, 2014.