ISLAMABAD: The government’s first objective, the finance minister Miftah Ismail promised leaders of the textile industry on Thursday, is to promote export-oriented industries.
The finance minister further instructed the appropriate authorities to address all the problems as soon as possible during one meeting with the textile exporters.
For the second time in a few weeks, the exporters met with the finance minister to discuss the difficulties they are having with taxes, sales tax refunds, postponed payment claims, and currency rates.
They stated that there were delays in the provision of subsidised loans on an already approved projects and that the tax system had delayed exporters’ refunds to indicate an increase in overall revenue collection.
The Pakistan Textile Export Association (PTEA) delegation informed the finance minister of the textile industry’s contribution to the nation’s economic growth. It was emphasised how important this industry is to exports and how much money it is actually bringing into the nation.
Mr. Miftah was also made aware of the problems this business faces, particularly those relating to sales tax returns, which cause a shortage of cash for the textile industry’s suppliers.
35 billion rupees in sales tax refunds and 30 billion rupees in income tax refunds were still owed to the textile industry. The textile industry receives about Rs 20 billion in tax credits.