Pakistan Textile Exporters Association (PTEA) Chairman, Rana Arif Tauseef has urged for release of billions of stuck up funds of textile exporters and industrialists in deferred sales tax claims as well as duty drawback denial on duty paid stocks extant in August 2005.
"14 months have passed since zero rating of sales tax but huge amounts of exporters are still blocked in deferred cases of the sales tax," he said in a statement issued on Saturday.
He said Rs 3 billion of Faisalabad-based textile exporters are pending while sizeable amount of exporters was blocked in duty paid stocks as the drawback date for stock was cut off abruptly and arbitrarily on August 6, without taking the exporters into confidence.
He said stocks of sales tax were justifiability allowed to be consumed by December 31, 2005 but the duty stocks were not allowed. "Protective duty on polyester and dyes chemicals was yet another headache for exporters," he said.