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Adverse measures may shut down textile units, Pak PM told

26
Jun '19
Adverse measures may shut down textile units, Pak PM told
Representatives of the Pakistani textile and garment export industry apprised Prime Minister Imran Khan of the export sector’s agonies in a meeting held last week prior to the approval of the budget by parliament and cautioned him about the threat of imminent closure of many industrial units unless the government withdraws adverse policy measures.

Urging the prime minister not to slap 17 per cent sales tax as that will lead to liquidity crisis, they argued that to collect Rs 80 billion of sales tax on domestic sales and then refunding over Rs 600 billion is unjustified and impractical. They proposed a sales tax rate of 7.5 per cent, according to Pakistani media reports.

The textile sector’s plan to invest huge amounts in the sector is in a limbo after the withdrawal of the zero-rating facility, they said.

They also recommended waiving off the unfeasible computerised national identity card (CNIC) condition and reduction of the proposed turnover tax rate of 5 per cent to 0.5 per cent. (DS)

Fibre2Fashion News Desk – India


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