AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)
Print Print 2023-12-28

Exporters likely to get DLTL worth Rs37.306bn

  • Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz chairs a review meeting
Published December 28, 2023

ISLAMABAD: The Commerce Ministry is planning to release Drawback on Local Taxes and Levies (DLTL) worth Rs37.306 billion to exporters to deal with their liquidity issues of leading export sectors.

In this regard, the Commerce Ministry is all set to move a summary to the Economic Coordination Committee (ECC) of the Cabinet seeking the release of DLTL worth Rs37.306 billion to exporters.

Official sources revealed to Business Recorder that Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz chaired a review meeting here on Wednesday.

Foreign exchange transactions: Cabinet approves levy of 40pc tax on banks’ windfall profits

The meeting was informed that DLTL was suspended on June 30, 2021. On account of non-release of Rs37.5 billion under the head of DLTL created severe liquidity crunch for the industrial sector and were unable to invest and diversify their products and hurt the overall exports of the country.

According to the summary, a copy of which is available with Business Recorder, a supplementary grant of Rs37.306 billion is required during the current fiscal year 2023-24 to clear the ready for payment claims; (i) Rs32.782 billion to clear the ready for payment claims verified by State Bank of Pakistan (SBP) till December 27, 2023 under DLTL/LTLD schemes of textiles and non-textile sectors (these DLTL/LTLD schemes cover the exports till 30th June 2021); (ii) Rs4.354 billion to clear the ready for payment claims verified by SBP till 23rd September 2021 under Technology Upgradation Fund (TUF) of textiles sector (scheme was launched by the government of Pakistan in 2009, however, claims are still pending); and (iii) Rs170 million to clear the ready for payment claims till 11th November 2021 under Punjab and Sindh Social Security Contribution Order 2010 of the textile sector.

Dr Ejaz confirmed to Business Recorder that a serious note of the matter was taken and the Commerce Ministry would move a summary to the ECC for the early release of outstanding amounts. The minister is also scheduled to visit Karachi on Thursday (Dec 28) and will hold meetings with the business community.

Dr Ejaz said that the government is taking measures to facilitate industries to boost exports. Only increase in exports is the solution to get the country out of the current economic challenges, he added.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Muhammad aumair Dec 28, 2023 02:27pm
Please request DLTL scheme closed permanently due to misused DLTL amount and not liquidity issued but only investment in property and money market
thumb_up Recommended (0)