Multan ,June 5th:,Dr. Abdul Hafeez Shaikh, the prime minister’s special adviser on finance has assured the PCGA delegation that Oil-cake would be exempted of five percent sales tax in forthcoming National budget to be announced next week and the government would clear the refund claims of cotton ginners very soon and the amount would be automatically transferred to their accounts." we are arranging funds for this purpose." A delegation of Pakistan Cotton Ginners Association (PCGA) headed by Association Chairman Mian Muhammad Javed Suhail Rehmani called on Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh, Abdul Razak Dawood, Advisor to PM on Commerce, Industries and Investments, Nausheen Javed Amjad Chairperson FBR, Dr. Hamid Atique Sarwar, member Policy and Suhail Rajput in Islamabad. The delegation briefed them about the problems confronted by the ginners.FBR chairperson Nausheen Javed clarified that ginners would pay one percent final tax and no new notice pertaining to the payment of other taxes would not be issued. Commenting on the reservations of PCGA delegation on a 10 % sales tax on cotton lint, the FBR chairperson said that it would be recovered from the buyers, spinners, textile millers and it would not be recovered from ginners. However, all complications, hurdles in the filing of return by ginners were removed. When the delegation demanded uniform power tariff for the textile industry and ginners, Dr.Hafeez Shaikh said that it would be decided with the consent of relevant ministries. The Delegation informed him that billions of rupees were stuck up with Textile mills and the Government should use its good offices to make payments to ginners who were facing a severe liquidity crunch. The delegation was informed by the ministries that it was not possible to procure the unsold stock of 0.5 million bales immediately. However, this issue would be discussed keeping in view the market position and ground realities. Additional Secretary Finance division Suhail Rajput assured that Government would discuss the issue of waiving markup of the first two quarters and deferral of principal for one year with state bank to find a viable solution. The delation comprised of Chairman of PCGA Mian Muhammad Javed Suhail Rehmani ,Hafiz Abdul Latif, Vice Chairman,Ch.Waheed Arshad Ex-Vice Chairman and Muhammad Afzal Farooq.
