Home / Knowledge / News / Textiles / Pakistan announces Rs 180bn package to boost exports
Pakistan announces Rs 180bn package to boost exports
11
Jan '17
Prime Minister Nawaz Sharif announcing PM
Prime Minister Nawaz Sharif announcing PM's Trade Enhancement Initiative at PM Office in Islamabad. Courtesy: PID
The Government of Pakistan has announced incentives worth Rs 180 billion to boost the country’s exports. The package includes removal of customs duty and sales tax on import of cotton. Customs duty on man-made fibres other than polyester has also been scrapped. The package is applicable for an 18-month period from January 1, 2017 to June 30, 2018.

Under the package, sales tax levied on import of textile machinery stands abolished. Moreover, new duty drawback rates have been announced. These will be 7 per cent for textiles and garments, 6 per cent for made-ups, 5 per cent for processed fabric, and 4 per cent for yarn and grey fabric.

Announcing the trade initiatives, Prime Minister Nawaz Sharif said that the package would help achieve the objective of export-led growth.

The package announced by the Prime Minister is the country’s biggest trade enhancement package and most of the incentives are related to exports, commerce minister Khurram Dastagir Khan told reporters after the announcement.

“There will be no condition on getting duty drawback in first six months (January to June) of the scheme. However, exporters will have to record 10 per cent growth in exports during next fiscal year 2017-18 as compared to the ongoing financial year,” Khan said. 

He said the package would increase Pakistan’s exports by $2.5 to $3 billion by the end of June 2018.

Pakistan’s total exports declined by more than 12 per cent from 2013 to 2015, according to data from the Pakistan Bureau of Statistics. In the first half of current fiscal 2016-17, Pakistan’s total exports dropped 3.82 per cent to $9.912 billion compared to $10.306 billion in the corresponding period of previous fiscal. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

UK retailers may face extra £190 mn in business rates

Apparel/Garments | On 21st Sep 2018

UK retailers may face extra £190 mn in business rates

Retailers in the UK are likely to face an extra £190 million on their ...

Courtesy: EFI

Textiles | On 21st Sep 2018

Digital textile printing expected to grow at 20% CAGR

Digital textile printing is at this time about 3-4 per cent of all...

Bangladesh demands better prices for garment items from US

Apparel/Garments | On 21st Sep 2018

Bangladesh demands better prices for garment items from US

Bangladesh sought better prices for its exports, especially garments, ...

Interviews View All

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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 2018

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

news category


Related Categories:

Advanced Search