Interviews
Pakistani textile sector miffed with budget
15 Jun '10
1 min read
The textile sector in Pakistan is highly disappointed with the recently announced federal budget as there are no incentives for the sector which is the highest export revenue generator for the country, accounting for more than 60 percent of overall exports.
Speaking to fibre2fashion, Mr Saqib Nassem, Central Vice Chairman from Sindh and Baluchistan Zone of Pakistan Yarn Merchant Association (PYMA) said, “Yes it is true that textile sector has not got any incentives.
“The government doesn't understand it is a backbone of the country which will affect exports from Pakistan. However, the government has made many changes. The general sales tax has been increased by one percent from 16 to 17 percent.
A new tax has also been introduced which is known as "Withholding Tax". The Federal budget has not been understood by a lot of businessmen as well as representing the Finance Minister to make amendments”, he concluded by saying.
Speaking to fibre2fashion, Mr Saqib Nassem, Central Vice Chairman from Sindh and Baluchistan Zone of Pakistan Yarn Merchant Association (PYMA) said, “Yes it is true that textile sector has not got any incentives.
“The government doesn't understand it is a backbone of the country which will affect exports from Pakistan. However, the government has made many changes. The general sales tax has been increased by one percent from 16 to 17 percent.
A new tax has also been introduced which is known as "Withholding Tax". The Federal budget has not been understood by a lot of businessmen as well as representing the Finance Minister to make amendments”, he concluded by saying.
Fibre2fashion News Desk - India
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