Karachi, January 01, 2018 (PPI-OT):Pakistani Exporters, at large and members of Towel Manufacturers in particular, are now days in distress and feel targeted on the role being played by the Federal Board of Revenue to achieve revenue target by “ANY POSSIBLE MEANS”.
As per information FBR is missing Revenue target by Rs.291 Billion, During the current fiscal year of 06 Months July to December 2017 F.B.R has collected under the head of Revenue Rs.3.330 Trillion which has been revised downward target from RS 3.521 Trillion. They have adopted a novel way of attaching exporters bank account to recover money.
It is a known fact that Federal Board of Revenue is holding Billion of Rupees as refunds of exporters under the various heads of account like Sales Tax, Custom Rebate, Income Tax etc. If exporters are at any kind of default, F.B.R can issue notice to the relevant company and then if necessary, collect the required amount by deducting from the exporters refunds, which is lying in huge amount with FBR. They instead serve notices to bank for recovery from exporters bank accounts directly, which is totally unethical and unjustified after all exporters are backbone of the economy. The FBR owes the exporters money and instead of doing an accounting practice of adjusting their payables, they are taking money directly from exporters accounts.
Exporters nowadays are struggling with high incidence of indirect taxes compared to other textile manufacturing countries in the region and Asia. The new attitude of FBR is now putting exporters on the brink of liquidity collapse. This has to be stopped immediately otherwise these new actions of FBR will be the Last Nail in the Coffin of Crippling Exports. We request Advisor to Prime Minister on Finance Mr. Miftah Ismail, Secretary Finance, and Chairman FBR to immediately intervene in the matter and rescue the exporters.
For more information, contact:
Towel Manufacturers’ Association of Pakistan
TMA House, 77-A, Block ‘A’,
Sindhi Muslim Cooperative Housing Society,
Karachi – 74400, Pakistan