APTMA says it's full tax-compliant industry

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Acting Chairman All Pakistan Textile Mills Association (APTMA) Wisal Monnoo has said that the textile industry is fully tax compliant and responded responsibly to pay Rs 4 billion to the FBR on behalf of unregistered buyers. He said APTMA members are honest and fully law compliant businessmen and there was a wrong impression that textile industry has evaded tax. In actual, it was the liability of the buyer and not the seller.

He said two different tax slabs by the FBR led to registration of bogus companies. Those who claimed as zero rated referred to the FBR website where their names were available as operational and tax compliant companies. According to him, the industry made no mistake by selling raw material to such buyers. He said 95 per cent of the industry has paid outstanding liability and remaining 5 per cent are likely to dispose of the liability by 15th of April.

Group leader APTMA Gohar Ejaz said the industry co-operated with the FBR to save its image. We have averted the crisis and the industry complied with the SRO179 and paid Rs 4 billion to the FBR. The industry took an initiative unprecedented and avoided to approach the courts of law. He said the buyers' tax evading was fulfilled by the APTMA members in the larger national interest.

Speaking through cell phone on the occasion, Chairman FBR Ali Arshad Hakeem said the FBR detected anomalies in the tax system some time back. Eventually, we evolved a strategy and engaged the APTMA and recovered billions of rupees. He said this practice will be extended to other sectors of the industry as well, he added. He said the FBR avoided to scandalise the industry and ensured smooth disposition of tax liability while keeping the continuity of textile business intact. The FBR has extended date for final settlement of tax liabilities up to 15th April for further accommodation.

Courtesy: Business Recorder

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