KARACHI, Feb 29, 2024: Qasim Yaqoob Paracha, Chairman of the Salt Manufacturers Association Pakistan, stated that the salt export industry is facing a significant crisis due to millions of dollars in sales tax refunds being held up, severely impacting cash flow and worsening economic difficulties.
Mr. Paracha emphasized that salt exporters, crucial to the national economy, are struggling with prolonged delays in receiving refunds, leading to liquidity issues and increased operational costs.
“With the current economic conditions worsened by huge rise in the cost of capital, the industry’s competitiveness is at risk, hindering its growth prospects”.
Confronted with these challenges, President Salt Manufacturers Association of Pakistan urgently calls to authorities to expedite the release of the stuck refunds. This swift action is vital to restoring liquidity, enhancing competitiveness, and maintaining the salt export sector’s significant economic contribution.
