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PHMA appreciates sales tax cut in raw material supplies
16
Jun '17
Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has appreciated Pakistan government's move to lower sales tax on raw material supplies to 1 per cent for 5 export sectors. This was announced during final approval of budgetary proposals for 2017-18 by the National Assembly. However, the government is yet to release exporters' claims.

Earlier this year, an incentive package worth Rs 180 billion was approved by Pakistan prime minister Nawaz Sharif for exports. Under this package, the government has approved for sanction of Rs 4 billion against the total claim of over Rs 24 billion, said PHMA chairman Adil Butt, according to Pakistan media reports. “When reservation was raised during the sixth meeting of the Federal Textile Board last week, Finance Division officials assured the textile exporters that funds would be released for duty drawback from allocations under federal budgets as well as supplementary grants based upon the claims submitted in the State Bank of Pakistan," said Butt.

Further, the exporters are yet to receive their drawback of Local Taxes and Levies which is outstanding since many years. Butt has requested the government to revive the value-added textile industry and return the claims to the exporters. With insufficient finance, it has become difficult for the value-added textile exporters to compete in the global marker with other countries, he stated. (RR)

Fibre2Fashion News Desk – India


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