Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

Pakistan textile industry's issues addressed by the FBR

The textile sector’s concerns will be addressed by the Federal Board of Revenue (FBR) with a handful of new initiatives such as a new anti-smuggling strategy, possible regulatory duty on import of cotton yarn, upward revision of customs values on import of fabric/garments, speedy payment of duty drawback/sales tax refunds, changes in Expeditious Refund System (ERS), clearance of second-hand/used clothing under ‘Red Channel’, and processing of 40 pending cases of sales tax zero-rating on electricity/natural gas supply to textile units.

As per sources, in the last meeting with All Pakistan Textile Mills Association (APTMA) and other associations, the FBR has taken some strong decisions. A committee was formed by the Minister for Finance to discuss and resolve the problems faced by APTMA. The meeting was chaired by Haroon Akhtar Khan, Special Assistant to the prime minister for Revenue. It was attended by the representatives of APTMA, Pakistan Textile Exporters Association (PTEA) and the Garments Manufacturers Association.

Both, exporters and local suppliers of textile items are facing several problems because of which they were losing their competitive edge in international and domestic markets. This was putting their viability in domestic and international markets at stake, and consequently, investment in textile sector had stopped.

Also, pending cheques against FED/SED refund claims, sales tax deferred claims replication, income tax exemption of raw materials under SRO 717, income tax refund u/s 65(B) & 65(E), duties and taxes on coal import, pending incentives of previous textile policy 2009-14 and outstanding claims of incremental textile exports under textile policy 2014-19, were other issues that plagued the textile industry. Representatives of the trade bodies were well informed about these issues.

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo