KARACHI: Chairman, All Pakistan Textile Mills Association (APTMA) Muhammad Yasin Siddik urged the government to expedite the payment process of sales tax and other refunds.
Federal Minister for Finance and Economic Affairs, Muhammad Ishaq Dar had promised in his budget speech that all outstanding sales tax refunds would be cleared before September 30, 2014, APTMA Chief said in a statement here on Wednesday.
Muhammad Yasin Siddik said a huge amount of sales tax refund is outstanding for the last one and half years which has created a severe liquidity problem for the business community.
He also mentioned that the reimbursement against technology up gradation fund is outstanding for the last two years and there is delay of three and a half years in case of export finance mark-up rate support and duty drawback on local taxes and levies although our members have fulfilled all the required formalities.
He urged the government to release the fund against the above schemes as the textile mills have already booked these amounts in their financial statements.
APTMA Chairman said timely and expeditious refunds will not only build trust of taxpayers in the tax system but help the tax authorities in introducing tax reforms in the existing system.