In Pakistan, textile mills are one of the biggest job providers and one of the biggest exporter industry, which is why this sector has a special monopoly. Unfortunately, the industry is in the decline and has been showing low profits and even losses for many years now. The textile industry has been asking for and receiving special incentive packages every other year to help improve their profitability, but the industry has not improved much. But if we look at Panama Leaks, then we will notice that a lot of textile companies have started new capital intensive business ventures in the past decade. If these companies have been claiming to be losing money for decades, but can launch other business initiatives that require huge capital than I think these companies are lying on their balance sheets.
Interestingly some of these textile companies are listed on the PSX. Therefore I think that FBR, NAB and PSX should be investigating the records of these companies and asking them how they managed to finance their new businesses and foreign saving accounts. And if any of the companies are found to be cooking the books than they should not only pay past taxes, but should also return the incentive package they received from the government in the past 20 years.
Engr Shahryar Khan Baseer
Peshawar
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