The All Pakistan Textile Mills Association (APTMA) has sought an upward revision in duty drawback on exports to bring it in line with current duties and taxes.

In a meeting with senior officers of the Input-Output Coefficient Organization (IOCO) North Zone Directorate General held to evaluate rates of duty drawback on exported goods of the garment industry, it was noted that the Federal Board of Revenue (FBR) had established the IOCO Directorate General with the responsibility of constantly evaluating the duty drawback rates on exports and rates of input-output of goods in liaison with the private sector.

Pakistan Customs has revised upward the rates of duty drawback for various sectors under a factual determination by IOCO after revision in the valuation of inputs under the government vision of “Made in Pakistan” to increase global competitiveness of products and contribute to an export-led growth.

APTMA members stressed the need for amending rules, simplifying tax laws and automating business processes to bring transparency in the system so that small and medium enterprises (SMEs) of the value-added textile industry could be facilitated and exports could be enhanced.

They called for implementing the vision of Prime Minister Imran Khan by simplifying the export scheme, providing new incentives for the business community to help them to keep abreast of latest developments and trends in technology.