All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has welcomed the decision of the Ministry of Finance and Federal Board of Revenue (FBR) to reinstate the duty-free regime for import of textile machinery.
The APTMA Chairman hoped that the move would help the textile sector to draw fresh investments.
Mr. Ejaz said that the optimism showed by the Government in comprehending the industry's viewpoint on duty-free import of textile machinery is very much appreciable.
He added that the decision would give rise to a win-win situation for the industry as well as the Government.
The Government had on March 15, 2011 ended the exemption that was available on sales tax on imported machinery. This was done under the apprehension that the facility was being misused by commercial importers.
Subsequently, APTMA approached the relevant authority in this regard and contended that ending of exemption for sales tax on machinery imports would just transpire as a move influencing the liquidity of the investors, while not bringing any revenue benefit to the country's exchequer.
After agreeing to APTMA's viewpoint, FBR Chairman instructed the concerned authority to reinstate the duty-free regime for the import of textile machinery.
Fibre2fashion News Desk - India
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