The Pakistan Textile Exporters Association (PTEA) has demanded immediate release of outstanding duty drawback of taxes (DDT) claims to enhance exports. PTEA chairman Khurram Mukhtar said the cash crunch had squeezed the financial stream, making it tough for exporters to meet commitments. Customs duty rebate claims amounting to Rs10 billion are also stuck, he said.
The previous government had approved Rs16 billion for the release of DDT claims but it could not be paid and the outstanding amount is now Rs 35 billion, Pakistani news reports quoted Mukhtar as saying.The Pakistan Textile Exporters Association has demanded immediate release of outstanding duty drawback of taxes (DDT) claims to enhance exports. PTEA chairman Khurram Mukhtar said the cash crunch had squeezed the financial stream, making it tough for exporters to meet commitments. Customs duty rebate claims amounting to Rs10 billion are also stuck, he said.#
Though the textile industry contributed 8 per cent to the national gross domestic product, it remained a low priority area for policymakers, he lamented.
Textile exports from Pakistan recorded a growth of mere 0.41 per cent in July-October 2018 over the same period in the previous year.
The effect of income tax credit under Section 65B is not being properly passed on to the exporters as a huge amount of tax credit claims is lying unprocessed, he added. (DS)
ALCHEMPro News Desk – India
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