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Textile industry in Pakistan apprehensive about closure

In case the Pakistan government alters the Reduced Rate Regime, and fails to release stuck up funds and ensures immediate liquidity supply from banks, the textile industry will face 50 per cent closure, fears S M Tanveer, Chairman, All Pakistan Textile Mills Association (APTMA). The textile industry in Pakistan is facing a crisis due to the high cost of doing business, energy constraints, high cost of finance and labour wages as against regional competitors.

According to the APTMA chairman, refund claims worth Rs 100 billion across the textile industry have been stuck up with the Federal Board of Revenue with no clue as when these would be released. It has choked the textile industry and causing colossal losses due to the constraints beyond its control.

Then there are rumors about the government mulling imposition of 5 per cent sales tax on all inputs and utilities across the value chain under the Reduced Rate Regime.

 
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