LAHORE, June 12: All Pakistan Textile Mills Association (Aptma) on Thursday termed the budget 2003-04 as growth-oriented, but said the document lacked a “direction for the industry preparedness in the post-2005 WTO period.”

In a statement issued here by Aptma chairman Anjum Salim said: “The industry is expecting level-playing field in order to remain competitive in local as well as foreign markets, particularly for manmade fibres and its products.” He said rationalization of tariff for these materials was not considered in the budget.

He said rationalization of tariffs would “propel” the industry towards the goals set in the textile vision 2005.

However, he was of the view that the steps to amend the duty and tax revision for export (DTRE) rule was a positive gesture. “We applaud the inclusion of polyester staple fibre in the DTRE regime.”

The statement said substitution of section 73 of Sales Tax Act 1990 was rightly made and it should not be “misinterpreted” again to use against the organized sector to net unorganised sector.

Regarding amendment made in the Sales Tax Refund Rules, Aptma said it hoped that the manufacturer-cum-exporters would not suffer again at the hands of official machinery. “There is further need for amendment to allow refunds on stocks, which has been ignored in the budget.”

The committee lauded the amendments introduced with regard to single audit in a year, reduction of rates of penalty and additional tax, provision of revised return and exemption on supply of fixed assets under 6th schedule of the Sales Tax Act 1990.

Aptma hoped that the remaining issues in the Sales Tax Refund Rules would also be considered.