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textile 400RECORDER REPORT

FAISALABAD: Mian Zahid Aslam, President Faisalabad Chamber of Commerce & Industry (FCCI) has said billions of refund claims in the context of Duty Drawbacks, Sales Tax and R&D are pended with the government. The exporters are facing severe liquidity crunch to fulfill their export orders particularly at this critical stage when exports under EU Autonomous Trade Preference Scheme (ATPS) have also been allowed.

 

Referring to a news item, he pointed out that government earmarked Rs. 7.5 billion in budget 2012-13 for implementation of Textile Policy (2009-14) but not a single penny has been released to the ministry in the first quarter of the year undermining the effectiveness of policy initiatives.

 

This will not only result into causing resentment among the industry but also hampering different schemes under the textile policy including Textile Investment Support Fund, Drawbacks of Local Taxes, Refund of R&D claims etc.

 

He urged the government for earliest release of funds to the ministry consequent upon mobilization of refund claims to the exporters to excel exports from the country.


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln