Home / Knowledge / News / Apparel/Garments / APTMA hails govt for reinstating zero-rated regime
APTMA hails govt for reinstating zero-rated regime
07
Jun '16
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)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Myanmar's garment units risk closure due to virus impact

Myanmar's garment factories are facing the risk of shutdown as the...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

GMAC urges EU to restore full EBA rights for Cambodia

Expressing disappointment over the recent European Union (EU)...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Uzbekistan 3rd biggest garment exporter to Kazakhstan

Uzbekistan exported 10,000 tonnes of apparel to Kazakhstan in 2019,...

Interviews View All

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Top executives, Fashion houses, India

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Mario Ploner,

Mario Ploner

<div>Italian company Tecnomeccanica Biellese specialises in planning and...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

Leave your Comments


February 2020

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


Advanced Search