KARACHI: Exporters have taken strong exception of the Federal Board of Revenue’s (FBR) move to hold back Rs100 billion refunds.
Pakistan Bedwear Exporters Association (PBEA) chairman Shabir Ahmed said that during the outgoing fiscal, bedwear exports declined by 10 to 11 per cent and the country failed to achieve export target of $25bn.
After UK withdrew from European Union (EU), the pound devalued by almost 15pc which means it is not feasible for us to export to UK, he added, urging for an early resolution of the issue.
Korangi Association of Trade and Industry president Zahid Saeed said the total amount of outstanding refunds stands at around Rs250bn to Rs300bn. This amount includes sales tax refunds, customs rebate and duty drawback amounts.
He warned that any further delay in payment of refunds will totally cripple export sector.
Pakistan Apparel Forum (PAF) Chairman Mohammad Jawed Bilwani said nowhere in the world are exporters penalised by chocking off their finances.
Cotton prices have surged in a short period which pushed cotton yarn prices and has suddenly upset the entire working and pricing of the export sector which has to compete in the world market, he said.
Courtesy : Dawn News