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ISLAMABAD: The government’s first focus is to promote export-oriented industries, as Finance Minister Miftah Ismail reassured delegates of the textile industry on Thursday.
The finance minister further instructed the appropriate authorities to settle all the concerns as soon as possible during a meeting with the textile exporters.
For the second time in recent weeks, the exporters met with the finance minister to discuss the difficulties they are having with income tax, sales tax refunds, requests for postponed payments, and currency rates.
They reported that there were delays in the availability of subsidized loans on projects that had already been approved, and that the tax machinery had withheld exporters’ refunds to demonstrate an increase in overall revenue collection.
The finance minister was briefed by a delegation of the Pakistan Textile Exporters Association (PTEA) on the role that the textile industry plays in the nation’s economic growth. It was emphasized that this industry makes a significant contribution to exports and effectively brings in large sums of money for the nation.
Additionally, Mr. Miftah was informed of the different problems this business faces, particularly those pertaining to sales tax refunds that cause a liquidity crunch for the textile industry’s suppliers.
There were Rs 35 billion in unpaid sales tax and Rs 30 billion in unpaid income tax in the textile industry. The textile industry is estimated to be worth Rs20 billion in tax credits.
