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PTEA demands immediate release of duty drawback taxes claims

Pakistan Textile Exporters Association (PTEA) has demanded immediate release of funds for payment of outstanding Duty Drawback of Taxes claims to achieve sustainable growth through enhanced exports. The textile industry has a capacity to add further $5 billion in textile exports and generate 500,000 new jobs in two years.

Commenting on the prevailing situation, chairman PTEA Khurram Mukhtar said cash flow crunch has squeezed the financial streams and textile exporters are facing hardship to fulfill their export commitments. Rs16 billion was approved by the previous government for payment of DDT claims but this could not be released and the outstanding amount in this regard has accumulated to Rs35 billion, he said.

Moreover, huge amount of custom rebate claims amounting to Rs 10 billion has also been stuck. Textile industry contributes 8 percent of national GDP remained a low priority area for the policy makers and the sector has not been given deserving importance. Resultantly, a meager growth of 0.41 percent has been witnessed in textile exports in July to October 2018-19 as compared to previous year which reflects non-seriousness of the Government towards the largest manufacturing industry.