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Falling exports: APTMA urges doing of zero-rated taxation regime
- Updated: August 11, 2016
APTMA authority Tariq Saud. PHOTO: FILE
KARACHI: A day after trade statistics showed a 7% decrease in exports, All Pakistan Textile Mills Association (APTMA) Chairman Tariq Saud urged Finance Minister Ishaq Dar to exercise a zero-rated taxation regime in minute and spirit.
The supervision and member of a weave attention concluded to resume zero-rated regime to streamline weave exports that have been disappearing due to domestic as good as general factors.
“It is sentimental that a pronounced agreement is being disfigured by some elements, that instead of assisting a well-spoken using of a weave attention and compelling exports, has brought it to a flighty situation,” pronounced Saud, adding that this would lead to a fall and approaching closure of a industry.
Dar in his bill debate 2016-17 announced that a zero-rated taxation regime would be implemented for 5 vital export-oriented sectors including textile, carpet, leather, sports products and surgical industries from a subsequent mercantile year.
The news was welcomed by a weave mills and other sectors that had been lobbying for a magnitude for years. Up until a few years ago, these sectors were exempted from countless taxes by a zero-rated taxation regime, however, a regime was called into doubt in a defence that argued that exporters had been offered their (tax protected) products in a domestic marketplace as well.
The rather involved resolution was to start fatiguing these sectors and to offer refunds on corroboration of trade receipts.
However, afterwards another problem presented itself.
These refunds were blocked by a Federal Board of Revenue (FBR); during times for some-more than a year, that led to a ongoing liquidity break that exceedingly hampered a operative collateral mandate of a sectors.
Keeping in mind a decrease in exports, it was likely that a zero-rated regime would be resumed.
Their certainty was serve bolstered when Prime Minister Nawaz Sharif, on Feb 13, committed to resuming a aged regime come mercantile year 2017.
But there was doubt adult until a few days before a bill was announced since a FBR against a proposal.
Published in The Express Tribune, Aug 12th, 2016.
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