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APTMA reacts on tax policies, failure to outline power plan

07 June, 2011

LAHORE: All Pakistan Textile Mills Association (APTMA), expressed mixed reaction on government`s tax policies, its failure to outline a plan for power sector and to stimulate economic recovery.

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LAHORE: All Pakistan Textile Mills Association (APTMA), expressed mixed reaction on government`s tax policies, its failure to outline a plan for power sector and to stimulate economic recovery.

Chairman APTMA Gohar Ejaz said it was expected textile exports for fiscal 2011-12 to touch $20 billion, if the government managed to maintain adequate energy supply and mark-up rate is in single digit.

He welcomed expanding tax net to bring more people within its coverage, without changing tax structure. The 9 percent tax-to-gross domestic product ratio was troublesome and stressed on immediate need for improved enforcement mechanism. He suggested an increased focus on tax collection as best solution to the issue.

He said government’s move to allocate Rs 730 billion to Public Sector Development Programme, which includes Rs 60 billion for energy projects was insufficient and more funds were required to fulfill energy demand.

He said the textile sector was operating with 43 percent cut in both gas and power supply and asked the government to exempt the sector from power and gas load shedding.

He hoped mark-up rate would come down to a single digit, once the government was able to control inflation in the country. He said a fall in mark-up rate would provide the government with an additional Rs 300 billion.

End.


 
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