Business

Govt committed to growth of business


LAHORE:

The government is fully committed to expediting growth of commerce to maximum possible level by using all available means, said NA Standing Committee on Finance and Revenue Chairman Faizullah Kamoka.

Addressing members of the Pakistan Textile Exporters Association (PTEA) on Friday, he assured full support and an enabling environment to increase exports, besides creating sustainable jobs to alleviate poverty.

Kamoka said that the government 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.

He said that the textile industry is the backbone of the economy and remedial measures to overcome the challenges are being taken to uplift this sector. The government 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 made to facilitate export industries.

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Also addressing the gathering, Federal Board of Revenue (FBR) Member IR (operations) Dr Muhammad Ashfaq Ahmad said that textile exporters are playing an 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 said 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 July 1, 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.

PTEA Chairman Muhammad Ahmad, in his welcome address, said, “As a result of the 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 subsidised rates, textile export sector has come on track and our exports have witnessed positive growth.”

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