Exporters of value-added textiles in Pakistan stated that they would appeal to the court if the government did not pay local taxes worth tens of billions of rupees and tax rebates.
The Value Added Textile Forum paid at least 14 value-added textile associations, the Forum** Rana Muhammad MushtaqKhan and the first payment Muhammad JawedBilwani said that textile exporters are experiencing a severe liquidity crisis, the government Postponing the payment of tax payments has already pushed some export-oriented enterprises to the edge of closure.
According to exporters, for the first time in the history of Pakistan, the government has formulated an excellent textile policy. The policy proposes that the tax refund for 2009-10 is 1.7 billion rupees and that for 2010-11 is 270 billion rupees.
In accordance with the spirit of textile policy, the Ministry of Finance had previously allocated 10 billion rupees. Among them, 5 billion rupees was disbursed to the National Bank of Pakistan in the first three months of the fiscal year as a refund of local taxes and other taxes, including some applications for R&D expenses.
Value-added textile exporters said that the exporter’s application for tax rebates to the National Bank amounted to Rs. 287.2 billion, but the tax refund paid was only Rs 5.3 billion, and the remaining Rs 23.42 billion was still outstanding.
The government's commitments have not been fulfilled, reducing the exporters' trust in the government. At the same time, this makes it difficult for exporters to complete export targets of 25 billion U.S. dollars, and it is difficult to compete against the world market. The Ministry of Textiles has set a textile export target of US$25 billion by 2014.
The Value Added Textile Forum paid at least 14 value-added textile associations, the Forum** Rana Muhammad MushtaqKhan and the first payment Muhammad JawedBilwani said that textile exporters are experiencing a severe liquidity crisis, the government Postponing the payment of tax payments has already pushed some export-oriented enterprises to the edge of closure.
According to exporters, for the first time in the history of Pakistan, the government has formulated an excellent textile policy. The policy proposes that the tax refund for 2009-10 is 1.7 billion rupees and that for 2010-11 is 270 billion rupees.
In accordance with the spirit of textile policy, the Ministry of Finance had previously allocated 10 billion rupees. Among them, 5 billion rupees was disbursed to the National Bank of Pakistan in the first three months of the fiscal year as a refund of local taxes and other taxes, including some applications for R&D expenses.
Value-added textile exporters said that the exporter’s application for tax rebates to the National Bank amounted to Rs. 287.2 billion, but the tax refund paid was only Rs 5.3 billion, and the remaining Rs 23.42 billion was still outstanding.
The government's commitments have not been fulfilled, reducing the exporters' trust in the government. At the same time, this makes it difficult for exporters to complete export targets of 25 billion U.S. dollars, and it is difficult to compete against the world market. The Ministry of Textiles has set a textile export target of US$25 billion by 2014.
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