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PTEA expresses displeasure over proposed rise in sales tax

Pakistan Textile Exporters' Association (PTEA) has expressed strong displeasure over the proposed rise in sales tax and changes in tax regime. It feels this could negatively impact the textile exports as well as industrial activities. PTEA Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir, the increase in sale tax would have an adverse impact on the country’s exports especially when a huge amount of sales tax refunds are already stuck with the FBR. This has lead to exporters facing low funds situations. Changes in the tax regime, they assume, would add fuel to the fire.

The industry is already suffering issues like power shortage, hike in tariff, low industrial activities coupled with high production cost. So the sales tax increase would not only affect exports but also the national economy. FBR should make efforts to bring the retail and untaxed sector into the tax net to enhance its revenue collection, instead of further taxing the already ailing textile segment, while the country is losing its ground and competitiveness against neighbouring competitors like China, India, Bangladesh and Sri Lanka.

The duo feel to boost the economy, there is a need for initiating export-friendly policies since increased exports can bring in more revenues, while the country will also get forex and people, employment. The textile industry needs export friendly-policies and a conducive environment to reap maximum benefits of GSP Plus status such policies only retard the economic growth.

 

www.ptea.org.pk

 
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