Chairman of All-Pakistan Bedsheet and Upholstery Manufacturers Association (APBUMA) Syed Aasim Shah called on the federal secretary finance, chairman FBR and urged the government to ensure the immediate payment of stuck up sales tax, customs duty and social security refunds worth Rs 50 billion under the DTRE scheme.
A delegation of exporters and manufacturers of value-added sector accompanied the chief of the APBUMA. They said that the government should meet the demand of the ministry of textile, which had already demanded Rs 23 billion and Rs 43 billion for next year.
The meeting, held in Islamabad, was attended by: Chairman of the Gul Ahmèd group Bashir Ali Muhammad, Chairman of Pakistan Bedwear Association Shabbir Ahmèd, Director of the Sapphire Group Yousaf Abdullah, Chairman of the Towel Manufacturer Association Feroze Alam Lari and Chairman of Pakistan Ready-made Garments Association Atiq A Kochra.
Syed Muhammad Aasim Shah said that they had informed the ministry of finance that exporter were struggling for their survival in global market because of a liquidity crunch, resulting in the swelling of non-performing loans, which led to the closure of major export companies. He said that exports would further decline if the government did not ensure the payment of refunds.
Reiterating the perception that industry in Punjab was hit harder by the prevailing energy crisis than other provinces, he said that persistent power cuts had caused industrial units to shut down, rendering thousands of workers jobless. The meeting also reviewed the law and order situation and measures to attract foreign and domestic investors. The delegation also pointed out that India very quickly devalued its currency by as much as 25 percent to help Indian traders to increase exports and said that this would also further threaten Pakistan's declining exports.
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