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Business

Budget proposals 2020-21: APTPMA demands revival of SRO 1125 in true spirit

All Pakistan Textile Processing Mills Association strongly demanded that to revive SRO 1125 in its true spirit and reintroduce system of no payment and no refund of sales tax for the five export-oriented sectors.

All Pakistan Textile Processing Mills Association strongly demanded that to revive SRO 1125 in its true spirit and reintroduce system of no payment and no refund of sales tax for the five export-oriented sectors.
APTPMA, on behalf of textile processing sector, presents its proposals and recommendations for the upcoming Federal Budget 2020-2021 which shall bring a positive impact on overall economy and business environment to accelerate the wheels of textile processing industry and enhance exports.
Talking to newsmen, Muhammad Pervaiz Lala explained that textile exporters who have filed their refund claims up to date have received 35 percent of claims payment only while 65 percent of the refund claims are stuck up with the government which cumulate approx. 12 percent amount of exporter's running capital. However, the profit margin of exporters is around 5 percent to 8 percent. Moreover, exporter can apply for refund only after export of consignment, he added.
Chairman, APTPMA said that if government accepted this outstanding demand, due to availability of liquidity and smooth cash flow, the confidence of exporters will be boosted to enhance their exports and cement their business ties with the foreign counterparts to capture true business potential.
Chairman APTPMA Muhammad Pervaiz Lala, mentioned that the government is fully aware about the situation and circumstances created due to Corona Pandemic whereby the global economic slowdown has also affected the economy of Pakistan and subsequently the Government wants to support the industry to uplift national economy which has been facing unprecedented set of challenges. The Government is also thoughtful that post corona business activities will be highly competitive and it is feared that size of markets would be slashed to minimum by 40%, he added.
Muhammad Pervaiz Lala, Chairman (APTPMA) pointed out that stiff cutthroat fierce competition, in the market of buyers and exporting countries, the manufacturing units shall have to run at least to 80 percent capacity while managing the cost of inputs.
Further lowering down the capacity of manufacturing will bring an upshot in the cost of manufacturing which will make the industries unviable andlooser. Hence, it is predicted that tomorrow would be buyers' market, and price war would be the key word, he added.
In order to prepare industries to face this dreadful scenario, (APTPMA) Chairman said that the responsibility with the government to rescue the industries and making them viable to operate and compete by reducing the input costs. Reducing tariff of gas & power in line with open market world oil price, would not be burden on Government coffer, he added.

Copyright Business Recorder, 2020