Home / Knowledge / News / Textiles / Textile industry seeks Rs29.761bn incentive package

Textile industry seeks Rs29.761bn incentive package

09
Mar '07
In order to support textile sector and to make exporters globally competitive, Ministry of Textile Industry is mulling over recommending to the Pakistani Government a Rs29.761 billion incentive package for sector.

Another proposal for textile exporters, which request to cancel provincial levies and both direct and indirect federal taxes, is also being backed by the Ministry. This one is expected to cost the Government Rs20.674 billion.

Ministry received 32 suggestions from National Textile Strategy Committee's Sub-Committee Chairman Tariq Saigol for being included in the incentive package, which could preserve pre-quota shares of sector in overseas markets. Of these, Ministry selected four recommendations after examining all and will forward them for sanction.

Subcommittee is demanding zero-rating of textile exports, along with duty free import of chemicals and dyes for apparel and home textile industries as well as of processed fabrics.

Ministry wants revision of duty drawback rates for incidence of import tax on polyester staple fibre. Subcommittee has further suggested that Bt cotton technology be introduced to raise cotton yields and that condition of taking prior permission for importing raw cotton be removed.

Ministry of Textile Industry will also suggest slash of turn over tax (TOT) on power looms from 1.2 percent now to 0.5 percent to the Government, which could require investment of Rs100 million.


Must ReadView All

European Commission proposes new EU GSP for 2024-2034 period

Textiles | On 24th Sep 2021

European Commission proposes new EU GSP for 2024-2034 period

The European Commission recently adopted the legislative proposal for ...

Pic: EURATEX

Press Release | On 24th Sep 2021

EURATEX president Paccanelli urges for support to tackle energy crisis

European Apparel and Textile Confederation (EURATEX) has announced...

Pic: Shutterstock

Apparel/Garments | On 24th Sep 2021

UK competition watchdog to crack down on green fashion claims

To help businesses understand how to communicate their green...

Interviews View All

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

 Natacha Defeche, Edana

Natacha Defeche
Edana

Since 1971, EDANA, the International association serving the nonwovens and ...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

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


September 2021

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


Advanced Search