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APTMA hails govt for reinstating zero-rated regime
07 Jun '16
2 min read
The All Pakistan Textile Mills Association (APTMA) hailed the government for reinstating zero-rated regime for the five major export oriented sectors including textiles in the Budget for FY 2016-17.
In a statement, APTMA Chairman Tariq Saud said the reintroduction of zero rating or no-tax and no-refund regime for the textile sector, which is the major export oriented sector and contributes more than 55 per cent of foreign exchange earnings, is a positive step toward the restoration of viability of the ailing textile sector.
The APTMA’s reaction came after Finance Minister Ishaq Dar acceded to its demand of a zero-rated regime to boost the country’s textile sector in his Budget speech last week.
In a meeting ahead of the Budget, the APTMA had impressed upon Dar that the viability of textile industry is must for the economic growth of the country, Saud said in his statement.
Saud said he hopes that that the government would implement zero rated regime “in true letter and spirit.”
He also appreciated reduction in export refinance rate by 0.5 per cent and said the government should announce a comprehensive package for the textile industry as its exports are under pressure both in quantity and value terms.
The APTMA chairman urged the government to liquidate pending sales tax refunds by the end of July as promised by the finance minister so that funds, presently lying and unproductive and use it meeting working capital requirement of the industrial operations in the best national and economic interest.
Saud also demanded that the government withdraw the Gas Infrastructure Development Cess (GIDC) and electricity surcharges from entire textile chain, provide five percent DLTL against exports to all textile value chain to remove incidentals of taxes, cess, levies and duties on all textile exports and provision of long term financing facility to entire textile chain to attract fresh investment and BMR of the existing plants and machineries. (SH)
In a statement, APTMA Chairman Tariq Saud said the reintroduction of zero rating or no-tax and no-refund regime for the textile sector, which is the major export oriented sector and contributes more than 55 per cent of foreign exchange earnings, is a positive step toward the restoration of viability of the ailing textile sector.
The APTMA’s reaction came after Finance Minister Ishaq Dar acceded to its demand of a zero-rated regime to boost the country’s textile sector in his Budget speech last week.
In a meeting ahead of the Budget, the APTMA had impressed upon Dar that the viability of textile industry is must for the economic growth of the country, Saud said in his statement.
Saud said he hopes that that the government would implement zero rated regime “in true letter and spirit.”
He also appreciated reduction in export refinance rate by 0.5 per cent and said the government should announce a comprehensive package for the textile industry as its exports are under pressure both in quantity and value terms.
The APTMA chairman urged the government to liquidate pending sales tax refunds by the end of July as promised by the finance minister so that funds, presently lying and unproductive and use it meeting working capital requirement of the industrial operations in the best national and economic interest.
Saud also demanded that the government withdraw the Gas Infrastructure Development Cess (GIDC) and electricity surcharges from entire textile chain, provide five percent DLTL against exports to all textile value chain to remove incidentals of taxes, cess, levies and duties on all textile exports and provision of long term financing facility to entire textile chain to attract fresh investment and BMR of the existing plants and machineries. (SH)
Fibre2Fashion News Desk – India
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