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Pakistan: PTEA lauds liquidation of outstanding refunds

Pakistan Textile Exporters Association (PTEA) lauded the government’s move for liquidation of outstanding refunds through promissory notes but expressed concern over long outstanding liquidity under textile policy incentive schemes. It also demanded supplementary grant for payment of incentives under textile policies 2009-14 and 2014-19

The association claimed that inadequate liquidation of refunds would result in failure of getting desired results as huge amounts of exporters were still stuck against textile policy incentive scheme. The association says, exporters’ claims of Rs 10,300 million were outstanding against export finance markup support, Rs 1,500 million against Markup Rate Support, Rs 19,405 million against Technology Up-gradation Fund, Rs 434 million against Reimbursement of EOBI & Social Security contribution of women and handicapped employees of textile industry whereas Rs 2500 million were outstanding against Drawback of Taxes & Levies (DLTL) 2009-11.

Moreover, Rs 10 billion were outstanding on account of income tax; whereas Rs 10 billion was pending against income tax credit u/s 65B & 65E. With huge shortage of funds, textile industry was unable to tap its potential in accordance with capacity.