Exporters demand immediate refund – UrduPoint
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Islamabad, (UrduPoint/Pakistan Point News – December 4, 2022) : Exporters on Sunday demanded immediate refund of Rs 200 billion from the Federal Board of Revenue (FBR) to avoid unit closure amid liquidity crunch .
Speaking to a delegation of exporters led by Kaleem Ullah Anjum, Coordinator of the Federal Tax Ombudsman Mehr Kashif Younis said that due to various taxes, duties, estimated taxes and surcharges Pakistan textile industry is likely to lose global markets, thereby affecting exports. 10% has become costlier. Regional Competitiveness Therefore, it is the dire need of the hour that the Government should adopt a pro-export policy to increase the exports manifold.
Meher Kashif Younis said that with the withdrawal of the zero rated regime and imposition of 17 per cent GST on the export-oriented sector, the cost of doing business has risen to unsustainable levels. Textile exports declined by 15 per cent after a historic growth as exporters expressed concern over unnecessary delays in payment of sales tax refunds.
23pc in October mainly exporters were facing extreme liquidity crunch.
He said that textile exports are expected to grow from $19.35 billion to $25 billion this year and to $50 billion in the next half decade. He said that pending refunds and tax credits of export-oriented industries have crossed Rs 200 billion in the current financial year, adding that if timely clearance is not done, textile units will shut down as severe liquidity crunch has hampered their operations in these sectors. made it impossible to continue. Odd situations He said the data showed that there are 45 billion rupees pending refund payment orders with FBR since October 16, while deferred sales tax refunds reached 55 billion rupees in the last half year.
