Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

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APTMA urges govt to review its initiatives pertaining to industry

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Jul 15: The All Pakistan Textile Mills Association (APTMA) on Monday urged the government to review the steps it had taken regrading industry.

Addressing a press conference here flanked by APTAMA Patron-in-Chief Gohar Ejaz, its Chairman Syed Ali Ahsan claimed that the withdrawal of zero rating (SRO 1125) for five exporting industries had affected transactions in the local market along with the supply chain of industry. The mills were facing liquidity crunch while they were having difficulty in meeting export orders.

The APTMA chairman demanded the government to issue notifications for energy (gas and electricity) price for the five exporting sectors, devise a rapid refund mechanism for exports, including payment of 95 per cent refunds on filing of returns, remove input tax invalidity condition in case of non-verification of CNIC of buyer, bring down rate of sales tax to 7.5 per cent and withholding tax at 4 per cent of local sales and 5.5 per cent on imports to one per cent, withdraw 3 per cent additional sales tax on machinery imports, and ensure a level playing field all across textile value chain, whether imports or local sales.

He said the textile industry had the potential to increase textile and clothing exports from $13.5 billion to $25 billion in next five years, if an enabling environment was ensured by the government.

Gohar Ejaz said the textile industry was not in favour of strike and urged the government to consult them before changing the tax regime.

He viewed that exports could only be increased if there was new industry in the economy, asserting that though the country could not run without taxes, the government should give patient hearing to the industrialists.

He also urged the government ensure smooth economic activity and enable industry to operate and undertake new investment initiatives in the country.


Posted on: 2019-07-15T21:42:00+05:00