FAISALABAD– The Chairman Standing Committee on Finance & Revenue Faizullah Kamoka has said that Government is fully committed to expedite growth of commerce to maximum possible level by using all available means.
He assured full support and enabling environment to increase exports, besides creating sustainable jobs to alleviate poverty.
Addressing the members of Pakistan Textile Exporters Association (PTEA) here on Friday, Faizullah Kamoka said that government have strong believes that economic revolution in the country can only be possible through trade promotion and all possible support to export sector is being extended to achieve optimum growth.
Textile industry is the backbone of economy and remedial measures to overcome the challenges are being taken to uplift this sector. Government, under the dynamic leadership of the Prime Minister Imran Khan, is imparting all possible facilities to the export sectors as it is playing a major role in bringing economic stability.
No country could achieve economic targets without the due role of exporters; therefore, all-out efforts are being done to facilitate export industries.
Addressing the gathering, the Member IR (operations), Federal Board of Revenue Dr. Muhammad Ashfaq Ahmad said that textile exporters are playing important role in the economic development of the country and efforts are being made to address their key issues in order to facilitate them in business promotion.
He informed that after launching of FASTER plus system, exporters’ refunds are being processed within average 40 to 50 hours. He described that at the moment, there is no pendency in respect of current refunds; however for disbursement of old refunds, FBR had requested the Finance Ministry for allocation of funds.
He informed that the threshold issue for commercial exporters has already been resolved and their refunds will be processed at 15% threshold with effect from 1st of July 2020. He shared that decision for increase in threshold for manufacturers same like commercial exporters has also been taken and necessary notification in this regard will be issued in next week.
Earlier, Chairman PTEA Muhammad Ahmad, in his welcome address, commended Government’s policies and Prime Minister Imran Khan’s revolutionary steps to enhance exports. He said that confidence of the business community has been restored as a result of Government’s prudent economic policies, which has accelerated the economic process in the country.
As a result of Government’s growth-led initiatives especially market based flexible exchange rate, energy package for export sectors, timely refund payments and availability of LTFF and TERF at subsidized rates, textile export sector has come on track and our exports have witnessed positive growth, he said.
Appreciating Governments exemplary initiative of liquidation of long outstanding refunds of exporters, PTEA’s patron-in-chief Khurram Mukhtar said that this has released the financial stress for exporters. Pakistan can become an economic giant by utilizing its trade and investment potential.
By addressing the challenges faced by export sectors especially textile export industry, we can achieve much needed economic growth. Textile exporters stand ready to fulfill the Premier’s vision of economic prosperity through enhanced exports.
Lauding the sincere efforts of Chairman Standing Committee on Finance & Revenue Faizullah Kamoka, he said that he always voiced up our concerns at all levels and extend full support in resolving our issues.
Later, in appreciation of utmost support towards textile industry, lifetime membership of the Association was granted to the Chairman Standing Committee on Finance & Revenue Faizullah Kamoka. PTEA Chairman presented him lifetime membership. A large number of textile exporters were present in the meeting.— PRESS RELEASE