PTEA urges govt to restore business community’s confidence

FAISALABAD: The Textile export industry has urged to defer the requirement of an affidavit from the CFO by the FBR, as buyers do not have access to the multi-tier supply chain. They can only verify the supplier’s status through the FBR system to check if the supplier is on the ATL. Holding buyers responsible for the entire supply chain is illogical.

The government should focus on creating conducive business environment that increases trade volumes and, accordingly, enhances tax collection.

In a statement here on Wednesday, the Petron-in-Chief of Pakistan Textile Exporters Association (PTEA) said that we do not support any wrongdoing and strongly encourage strict compliance with tax policies. However, the government must devise a strategy that restores the business community’s confidence.

The FBR owes billions in legitimate refunds to businesses, who are bearing a 19% financial cost due to delays. Such harsh measures will only increase the hardships of legitimate businesses. Recent aggressive actions by the FBR targeting legitimate businesses unilaterally have sent shockwaves through world-class factories.

He emphasized enhancing the role of trade bodies and associations and given a role in Alternative Dispute Resolution (ADR), supporting the FBR in ensuring compliance with tax policies. He urged the development of a fool-proof mechanism and regulatory framework by the FBR that is logical, one that businesses can fully adhere to, and that allows hassle-free operations while addressing any potential leakages. The principle of equity must be applied when making such decisions.

Copyright Business Recorder, 2024