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Pakistan bedsheet makers seek incentives in Budget
09 May '12
1 min read
The All Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA) has urged the Government to offer financial incentives to the country's textile sector in the Federal Budget 2012-13.
Pakistan's textile exports declined by 6.73 percent till January 2012 and if financial incentives are not given, the sector's exports will plummet further, Syed Muhammad Aasim Shah, Chairman of APBUMA, said.
He said cotton, yarn, fabric and made-ups were the major textile products that earn foreign exchange for the country, and hence these items should have zero value-added tax (VAT) to boost their exports.
He mentioned that shortage of energy, the rise in fuel prices and increase in power tariffs are further adding to the problems faced by the country's textile exporters.
Moreover, the Government had failed to timely settle the outstanding claims of textile exporters worth Pk Rs. 12.75 billion under drawback of local taxes and levies (DLTL), he added.
The APBUMA Chairman urged the Government to make adequate allocation for the textile sector in the forthcoming Budget. He said the Government had allocated Pk Rs. 7.5 billion for settling textile sector claims, but the Ministry of Finance had so far released only Pk Rs. 1 billion.
Pakistan's textile exports declined by 6.73 percent till January 2012 and if financial incentives are not given, the sector's exports will plummet further, Syed Muhammad Aasim Shah, Chairman of APBUMA, said.
He said cotton, yarn, fabric and made-ups were the major textile products that earn foreign exchange for the country, and hence these items should have zero value-added tax (VAT) to boost their exports.
He mentioned that shortage of energy, the rise in fuel prices and increase in power tariffs are further adding to the problems faced by the country's textile exporters.
Moreover, the Government had failed to timely settle the outstanding claims of textile exporters worth Pk Rs. 12.75 billion under drawback of local taxes and levies (DLTL), he added.
The APBUMA Chairman urged the Government to make adequate allocation for the textile sector in the forthcoming Budget. He said the Government had allocated Pk Rs. 7.5 billion for settling textile sector claims, but the Ministry of Finance had so far released only Pk Rs. 1 billion.
Fibre2fashion News Desk - India
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