Exporters Demand Immediate Refunds
Mohammad Ali (@ChaudhryMAli88) Published December 04, 2022 | 04:00 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 4th Dec, 2022 ) :The exporters Sunday demanded immediate refunds of Rs 200 billion from Federal board of Revenue(FBR) to avoid units closure amid liquidity crunch.
Talking to a delegation of exporters led by Kaleem Ullah Anjum,Co-ordinator to Federal Tax Ombudsman Meher Kashif Younis said Pakistan textile industry is likely to lose global markets because of various taxes, levies, presumptive taxes and surcharges, making the exports 10pc costlier against the regional competitors hence, it's the dire need of the hour that government must adopt pro-exports policy to boost the exports manifolds.
Meher Kashif Younis said with the withdrawal of zero rated regime and the implementation of a 17pc GST on export oriented sector, the cost of doing business has increased to unsustainable levels. Expressing concern over unnecessary delay in payment of exporters's sales tax refunds, after witnessing a historic hike,the textile exports fell by 15.
23pc in October mainly because of the exporters were experiencing an extreme liquidity crunch.
He said textile exports are expected to increase from $19.35 bn to $25bn this year and $50 bn over the next half decade. He said as the stuck up refunds and tax credit of export oriented industries swelled to over Rs 200 billion in the current fiscal year, if not cleared timely, will cause closing down textile units as severe liquidity crunch made it impossible to continue their operations in these odd circumstances. He said data showed the refund payment order worth Rs 45 billion is pending since Oct 16 with FBR while deferred sales tax refund edged upto Rs 55 billion in the last half year.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
24 minutes ago -
US stocks rebound on tech earnings, London hits new record
24 minutes ago -
US approves gene therapy treatment for hemophilia
11 minutes ago -
KATI president for inclusion of agri sector in tax net
10 minutes ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
2 hours ago -
Police to take every step for security of business community: IGP
2 hours ago
-
WB director, Planning minister discuss reforms in development projects
2 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
3 hours ago -
FBR’s data protection efforts commended by OECD assessment team
3 hours ago -
US stocks rebound on tech earnings, London hits new record
4 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
4 hours ago -
SBP to announce monetary policy on April 29
4 hours ago