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Pak garment exporters hail zero-rated facility
05
Jul '16
The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) has hailed the government's move to restore zero-rated tax regime for five major export oriented sectors including value-added textile sector.

“We welcome the Prime Minister's initiative of zero-rated sales tax regime to facilitate export-oriented industry. The Prime Minister has won the hearts of business community by accepting their longstanding demand,” PRGMEA chief coordinator Ijaz Khokhar said in a statement.

He said that the step would go a long way and help promote country's exports which have stagnated for long. “It will put the economy back on rails, boost the trust of not only local businessmen but will also give a very good message to foreign investors,” he said.

Khokhar said that zero-rated sales tax regime for value-added textile sector would certainly bring down the industrial cost of doing business and Pakistani products would be able to win their due share in the international market. He said that this initiative of the government would encourage business doing people to supplement the government endeavors aimed at economic revival of the country.

He hoped that zero-rated sales tax regime for export-oriented industry would give a jumpstart to Pakistani exports and generate employment opportunities.

Khokhar said the reintroduction of zero rating or no-tax and no-refund regime for the apparel sector, which is the major export oriented sector and contributes more than 50 per cent of foreign exchange earnings, is a positive step toward the restoration of viability of the ailing garment industry.

“The PRGMEA was demanding zero-rating regime and met the PM in this regard and convinced him that the viability of the industry is must for the economic growth of the country.”

He further appreciated reduction in export refinance rate by 0.5 per cent. He said the government should also announce a comprehensive package for the industry as its exports are under pressure both in quantity and value terms.

“The high cost of doing business and an unrealistic value of the local currency has also played a role in this regard. The apparel sector was not able to utilize resources, as the liquidity shortage has become a major hurdle to produce exportable surplus.”

He urged the government to liquidate pending sales tax refunds by the end of July as promised by the finance minister. (SH)

Fibre2Fashion News Desk – India


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