Staff Reporter
Lahore
Government’s Economists & Financial Managers expertise and knowledge have failed due to lack of practical exposure towards the industry and businesses as well as recession caused by pandemic like COVID19. The unrealistic and inconsequential measures taken in the last budget have brought devastating effects on the Value-Added Textile Export Industry with the imposition of 17 percent Sales Tax which brutally injured the export oriented industry destroying its liquidity and has brought it in ICU. To bring back the export industry from ventilator, it is indispensable to surmount their liquidity problem by reinstating SRO1125 to restore GST No Payment No Refund Regime for Five Export Oriented Sectors. Last year the Economic Team totally neglected the demands and proposals of Value-Added Textile Sector whereby exporters expressed strong resistance towards rescinding of SRO1125 which all went deaf on the ears of Government’s economists & financial managers. Country is passing through the most difficult times in its history so do the textile industry of Pakistan. Consequently, alarming state of affairs necessitates the Government to must consult the genuine stakeholders who practically know better about their problems and propose solutions to incorporate in Budget. Hence, the Government must stop experiments on textile industry on the advisory of its Economic Team and accord priority and genuine considerations to the proposals and suggestions of stakeholders Associations of Textile Industry in the budget 2020-21 likely to be announced in next few days. Exporters have appreciated the supportive instance of Advisor Commerce & Textile Razak Dawood for restoration of GST Zero-Rating in meeting held with representatives of textile industry, as he being renowned businessman know well about the problems of commerce and industry, however, exporters have strongly deplored FBR Chairperson for her opposing stance, terming it bureaucratic hurdle, as reported in print media today.