All Pakistan Bedsheet & Upholstery Manufacturers Association (APBUMA) has demanded immediate disbursement of refund claims and said that textile sector is experiencing crucial situation and it may face collapse if the refunds are not released
FAISALABAD, (UrduPoint / Pakistan Point News – 29th Oct, 2024) All Pakistan Bedsheet & Upholstery Manufacturers Association (APBUMA) has demanded immediate disbursement of refund claims and said that textile sector is experiencing crucial situation and it may face collapse if the refunds are not released.
In a statement on Tuesday, Central Chairman APBUMA Imran Mehmood Sheikh said that the textile exporters have grave concern over the prolonged delay in the disbursement of outstanding refunds under various categories.
He said that the exporters are still awaiting rightful refunds, which placed immense financial strain on businesses and adversely impacted the growth potential of the textile export sector.
He said that textile exporters, being one of the most compliant sectors in the country, have continued to fulfill their tax obligations and contributed significantly to Pakistan’s economy.
However, the excessive delay in refunds -spanning across Sales Tax, Duty Drawbacks, Income Tax, DLTL/DDT, TUF & Mark-up subsidy – has created an acute liquidity crunch. This lack of liquidity hinders business operations, stifles growth, and adds a heavy financial burden due to the accumulation of interest costs.
He appealed to the government to immediately expedite the refund process across all categories. This would allow the exporters to regain financial stability, improve liquidity, and accelerate the momentum needed to achieve double-digit growth in the exports, he added.
