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PCMEA seeks zero-rated status for carpet industry
26
Mar '14
courtesy: PCMEA
courtesy: PCMEA
Pakistan Carpet Manufacturers and Exporters Association (PCMEA) has sought restoration of zero-rated status for domestic carpet industry, which would imply no deduction and no refund payment of sales tax for the industry.
 
In a joint statement, PCMEA chairman Akhtar Nazir Khan Cooki (Retd) and vice chairman (North Zone) Kamran Razi stated that restoration of zero-rated regime is important for the industry to resolve liquidity crunch, mainly when huge sums of carpet exporters are locked in refund regime, while carpet exports have also dipped from US$ 300 million to US$ 120 million.
 
They stressed that in the absence of zero-rated regime, the export-oriented carpet industry would fail to cash in on the benefits of the duty-free access to the EU markets earned under the GSP Plus status.
 
Highlighting that the carpet industry is an important contributor to the foreign exchange reserves of the country, the officials called on the Government to introduce necessary reforms and grant special zero-rated status to the carpet industry, to allow it to make the most of the GSP Plus status.
 
If the Government intends to fully tap on the benefits of the GSP Plus scheme, it should at once restore the zero-rated regime for the sector, they stressed. 
 
Further, they also mentioned that huge sums of exporters are blocked in refund regime as the Federal Board of Revenue (FBR) has not released any refund claims since February 2013. Restoration of the zero-rated system would ensure sufficient cash flow for exporters, allowing them to timely honour their export commitments, they added.
 
The move would also help the Pakistani carpet industry restore its global competitiveness and boost exports, they said.
 
The carpet industry in Pakistan employs over one million people, 70 percent of whom are home-based women workers.
 

Fibre2fashion News Desk - India


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