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Non release of incentives pushes exporters into losses: PHMA
14 Apr '17
1 min read
Value added textile exporters have passed on the benefit of cut in cost to global buyers immediately after the announcement of PM incentive package to the export oriented industry. However, the industry has not received any of the incentives yet. This was informed by Adil Butt, chairman, Pakistan Hosiery Manufacturers Association (PHMA).
According to Butt, the export industry has slipped in to losses as the Federal Board of Revenue (FBR) has not released funds, since they have already passed nearly all incentives to their buyers, which had led to sever liquidity crunch.
"Earlier, Prime Minister Nawaz Sharif had announced 7 per cent duty drawback rates for value-added textile exporters as incentives totalling to Rs 180 billion, in order to boost Pakistan's falling exports." Pakistan media reported.
He termed the liquidity crunch as major hurdle in promotion of exports. The textile industry had been facing unprecedented crises for many years and consequently, a sizeable textile capacity had been impaired, he said. (AR)
According to Butt, the export industry has slipped in to losses as the Federal Board of Revenue (FBR) has not released funds, since they have already passed nearly all incentives to their buyers, which had led to sever liquidity crunch.
"Earlier, Prime Minister Nawaz Sharif had announced 7 per cent duty drawback rates for value-added textile exporters as incentives totalling to Rs 180 billion, in order to boost Pakistan's falling exports." Pakistan media reported.
He termed the liquidity crunch as major hurdle in promotion of exports. The textile industry had been facing unprecedented crises for many years and consequently, a sizeable textile capacity had been impaired, he said. (AR)
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