Sales Tax Refund Disbursements likely to ease pressure on textile exports and stimulate positive buying ahead of the new crop

‘Government paying Rs 21 billion ST refunds against verified outstanding Rs 60 billion

The textile exporters have claimed that the federal government is making partial payment of sales tax refunds against the Federal Finance Minister Ishaq Dar’s announcement of full payment against the already issued Refund Payment Orders (RPOs). “The government is paying refunds worth Rs 21 billion against the outstanding verified RPOs of around Rs 60 billion,” said the co-ordinator of Pakistan Readymade Garments Manufacturers and Exporters Association Ijaz Khokhar. He said clearance of refunds claims would help out the exporters to meet liquidity requirements.

“The textile exports have declined further by 8 percent in July and availability of pending refunds would help reviving the exports,” he added. He said Prime Minister Nawaz Sharif would distribute cheques of sales tax refunds to the exporters and businessmen in a ceremony to be held at the Prime Minister Secretariat on Tuesday (today).

According to him, the Federal Board of Revenue (FBR) has shortlisted some 800 exporters from Karachi, Lahore, Sialkot and Faisalabad through a computer balloting. Earlier, the media reports had suggested that the FBR and its field formations remained opened on Saturday to finalise data pertaining to the RPOs for issuance of cheques to exporters. The FBR also remained busy in finalising invitations to the concerned businessmen for attending the ceremony to be held at the Prime Minister Secretariat.

Copyright Business Recorder, 2016
 

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