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Textile body unhappy with federal budget
06
Jun '11
Pakistan's textile sector, while voicing its discontent over Federal Budget 2011-12, has expressed mixed reactions over Government's tax policies and its failure to outline a plan for the power sector as well as to stimulate economic recovery.

Gohar Ejaz, Chairman of All Pakistan Textile Mills Association (APTMA), said that they expect the textiles exports for fiscal 2011-12 to touch US$ 20 billion, if the Government manages to maintain adequate energy supply and the mark-up rate is in single digit.

He lauded the Government for expanding the tax net to bring more people within its coverage, without changing the tax structure. Mr. Ejaz said that the nine percent tax-to-gross domestic product ratio was troublesome and stressed on an immediate need for an improved enforcement mechanism. He suggested an increased focus on tax collection as the best solution to the issue.

He expressed happiness over the Government's move of allocating PKR 730 billion to the Public Sector Development Programme (PSDP), which includes PKR 60 billion for energy projects. He, however, added that the amount is insufficient and more funds are required to fulfil the country's energy demand.

The APTMA head further added that the textile sector was operating with 43 percent cut in both gas as well as power supply, and hence asked the Government to exempt the sector from power and gas load shedding.

Mr. Ejaz hoped that the mark-up rate would come down to a single digit, once the Government is able to control inflation in the country. He said that the textile sector is anticipating that the Government would be able to achieve a single digit mark-up rate by reducing budgetary deficit with the help of tax collections rather than through bank loans.

He said that a fall in the mark-up rate would provide the Government with an additional PKR 300 billion. Also, it would facilitate more investments in the country, which is just not possible at the existing rate of 14 percent.

Besides, it would even lead to generation of new employment opportunities, he added.

Fibre2fashion News Desk - India


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