The government has fulfilled all major demands of the filament yarn manufacturers through simplification of procedures and taxation measures announced in the budget.
Responding to a query, CBR Chairman M Abdullah Yusuf told the Senate Standing Committee on Finance on Thursday that the taxation measures, proposed for 2007-2008, would specifically protect this industry. The measures included opening of the facility of DTRE and duty drawback, R&D support and revision in the withholding tax rates. Through these measures, the CBR has tried to accommodate the demands of filament yarn producers, he added.
Leader of the House in the Senate, Wasim Sajjad briefly referred to a report, which claimed that 16 out of 20 filament yarn units had been closed down due to various problems faced by the industry.
Explaining the relief measures, CBR Chairman dispelled the impression that budgetary measures could result in closure of these units. Earlier, Wasim Sajjad appreciated services rendered by CBR chairman to transform CBR into a business and taxpayer-friendly organisation. He said, "Abdullah Yusuf has brought a lot of vision. He has brought a new culture in CBR. We all recognise his efforts particularly in disposal of thousands of the tax appeals".
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