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Textile exporters urge FBR to release tax refunds

Textile exporters urge FBR to release tax refunds

KARACHI: The textile exporters have urged Federal Board of Revenue (FBR) to release the sales tax refund and customs rebates, which is creating enormous cash problem for the value-added sector.

Pakistan Hosiery Manufacturers & Exporters Association (PHMA) Southern Zone Chairman Muhammad Babar Khan said that despite Finance Minister Ishaq Dar’s assurance, huge amount was blocked with FBR and no payment had been issued so far.

It is pertinent to mention here that FBR has released cheques against RPO’s of June 30, 2014 as Finance Ministry has issued instruction to the Board for processing of only fresh refund claims submitted up to the mentioned date. However, PHMA is demanding refund of claims submitted after June this year.

Babar Khan also lamented that despite the issuance of RPOs, no cheque had been released for the last four to five months. Pointing out the problems of textile sector, he said that the textile exporters and industrialists were struggling to survive in the world markets, but shortage of liquidity creating hurdles for them.