ISLAMABAD, Jan 30: Adviser on Finance Shaukat Aziz assured the representatives of All Pakistan Textiles Mills Association (Aptma) here on Thursday that their remaining Rs2 billion sales tax refund would be paid very shortly.

According to informed sources during a meeting which was also attended by Chairman CBR and Member Sales Tax, the adviser on finance said that the CBR had already paid back Rs1 billion refunds to the textile industry only in a period of one month.

However, he directed the CBR chairman and Member Sales Tax to further streamline refund process to help the textile industry.

Sources said Aziz asked the representatives of Aptma to work closely with growers to help improve their profitability. He said farmers were important stakeholders which needed to be supported by Aptma. He also told them that the CBR has removed 3 per cent further tax on spinners.

He said the CBR has taken a number of measures to cleanse the refund system including to remove flying invoices with a view to increase the government revenue. He said that CBR has given all possible concessions to the textile industry and that now it was for them to substantially increase their exports. He said that the government would do every thing possible in the next budget to offer maximum facilities for the textile industry.

Sources said the Aziz asked the representatives of Aptma to increase their competitiveness with a view to have more exports. He said he was confident that current year’s export target of $10.4 billion will be met.

The adviser was informed that textile industry has imported machinery worth $1.5 billion during the last three years. However, they expressed their concern over exchange rate regime. But they were told that due to reduction in interest rate, it was now easy to seek new loans from the banks.

Aziz also reminded them that due to stable exchange rate, the importers could import machinery, raw materials, spare parts and other equipment relatively on cheaper prices and that it was a great favour done to them by the government.

He was also told that Pakistani cotton was very good in terms of both price and quality.

Sources said the adviser told Aptma members that without receiving adequate taxes, the government could not fund development projects. He said that poverty alleviation was of the major tasks of the government for which more and more revenues are required. He said if all the sections of the society pay their due taxes, things could greatly improve for the common man.