Home / Knowledge / News / Textiles / Pakistan's FM announces Textiles Package in Budget 2014-15
Pakistan's FM announces Textiles Package in Budget 2014-15
04
Jun '14
Pakistan’s Finance Minister Ishaq Dar has announced a special Textiles Package in Budget 2014-15. 
 
In his Budget speech, Mr. Dar said the textiles industry is central to economic development of the country, and hence the Government has decided to give impetus to its development, and also to meet the special needs of exports.
 
“Textiles sector is the mainstay of country’s exports as it accounts for more than half of country’s exports. Its performance has been affected due to poor crops, delays in introduction of quality seeds and regulatory approvals for introduction of Bt cotton, widespread energy shortages, numerous local taxes and levies, high cost of finance and restricted trade regimes adopted by importing countries,” Mr. Dar said.
 
“A meaningful export promotion policy will not be possible unless we provide the much-needed support for the development of this sector,” he added.
 
As per the package, the draw-back for local taxes and levies will be given to exporters of textile products on FOB values of their enhanced exports if increased beyond 10% (over last year’s exports) at the following rates: 4% for garments, 2% for made-ups and 1% for processed fabric.
 
The Budget proposes to reduce the Mark up rate for Export Refinance Scheme of State Bank of Pakistan from 9.4% to 7.5% from July 1, 2014. 
 
“The Expeditious Refund System is being improved and a fast track channel for manufacturers-cum-exporters is being created. I have already directed FBR to dispose of all their pending Sales Tax refund claims before September 30, 2014. In future, all admissible refund claims of exporters shall be disposed off within 3 months, if not earlier,” Mr. Dar said.
 
To provide a predictable tariff regime for the foreseeable future, the textile sector value chain will be given protection as per the study carried out by National Tariff Commission (NTC).
 
For technology upgradation, textile industry units in the value added sector would be provided Long Term Financing Facility (LTFF) from State Bank of Pakistan at the rate of 9% for 3-10 years duration.
 
The duty free import of machinery under textile policy 2009-14, which ends on June 30, 2014, will be extended for another two years to take full advantage of GSP Plus facility.
 
The Government will promote use of Bt cotton by expediting regulatory approvals. To enable availability of quality seeds requisite amendments in Seed Act 1976 will be made and Plant Breeders’ Right Act will be promulgated.
 


Must ReadView All

Sanjay K Jain, managing director, TT Ltd

Textiles | On 21st Sep 2017

TT’s Sanjay Jain elected new chairman of CITI

The Confederation of Indian Textile Industry (CITI), the apex body...

Textiles | On 21st Sep 2017

NRF urges US lawmakers to lower corporate tax rates

The National Retail Federation (NRF) has written to the US Senate...

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search