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Pakistan - Textile sector demands release of refund claims
Dated- 12 Apr , 2012 - Pakistan
The textile sector has demanded of the government to immediately release the allocated amount of the refund claims against the Duty Drawback of Local Taxes and Levies (DLTL) before it gets lapsed.
Central and Zonal Chairmen of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Shehzad Salim and Atiq Kochra have pointed out that budgetary allocation for the year 2011-12 on account of DLTL to the textile sector was about to lapse as only Rs3 billion were paid out to exporters against an allocation of Rs7.5 billion.
Approximately Rs20 billion of the exporters DLTL claims are stuck-up with the government and the government is dragging its feet over payments while exporters are facing acute liquidity crunch due to decline in exports orders from the European Union and the United States.
“Although the government makes tall claims to support the main industrial sector of Pakistan, no support is being provided,” Salim said, adding that the government was holding back their dues of the last two years which was a substantial amount and they were not seeking anything extra.
At first, only 14.68 percent of the total amount was being reimbursed which was later enhanced to 28.32 percent, due to which administrative work of the State Bank increased substantially and they required about 35 days in clearing the payments.
“We, therefore, feel that if the balance allocated amount of Rs4.5 billion is not released immediately, the current allocation will lapse and the industry will again be compelled to beg for new allocation in the next budget,” Salim said.
Source: The News, Pakistan
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