Textile Industry Demands Multiple Reforms in Upcoming Budget
The value-added textile exports associations presented their proposals to the Federal Government for Budget 2021-22, demanding that the zero-rating taxation regime is restored and duty drawback of taxes (DDT) are continued.
The textile exporters made these demands while addressing a joint press conference at Pakistan Hosiery Manufacturers and Exporters Association (PHMA) House.
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The textile industry officials also demanded that Technology Up-gradation Fund (TUF) scheme is continued while the final tax is reduced and withholding tax is lowered to 0.5 percent in the budget.
The leaders of the associations also demanded that the Export Development Fund (EDF) surcharge be suspended, and the electricity tariff is reduced and fixed in the forthcoming budget.
Textile sector seeks zero-rated facility
Asks govt to reduce withholding tax to 0.5% in federal budget for FY22
KARACHI:
Value-added textile exporters have urged the government to restore zero-rating (no payment, no refund), continue the Duty Drawback of Taxes (DDT) scheme and Technology Up-gradation Fund (TUF), and reduce withholding tax (WHT) to 0.5% in the upcoming federal budget for fiscal year 2021-22.
At a joint press conference, the heads of around a dozen textile associations including Council of All Pakistan Textile Mills Association Chairman Zubair Motiwala, Pakistan Apparel Forum Chairman Jawed Bilwani, Pakistan Hosiery Manufacturers and Exporters Association Chairman Tariq Munir and Pakistan Knitwear and Sweater Exporters Association Chairman Rafiq Godil demanded the suspension of Export Development Fund (EDF) surcharge.
LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association has lauded the Federal Board of Revenue for simplifying the export promotion schemes by developing a single unified scheme, and.
Daily Times
May 3, 2021
The Pakistan Hosiery Manufacturers and Exporters Association has opposed the government decision of long Eid holidays, which would hurt the business, causing a loss of billions of rupees in exports.
Criticizing the government decision of more than a week holidays on Eidul Fitr, PHMA zonal chairman Fiasal Mahboob Sheikh said that the country would remain disconnected with the world for almost a week, and it will cost the economy of billions. He said that long closure of banks would lead to delays in the opening of LCs and making payments. The impact of banking sector shutdown would also create problems for the common man. The ATM system is not efficient and it may aggravate the liquidity problem, he said. He also expressed concern over increase in minimum wage limit from Rs17,500 to Rs19,500. He said that keeping in the view the current economic situation of the country, it should be reviewed and brought back to the same denominator.
Yarn shortage pushing industries towards closure
Textile exporters say exports have dropped drastically , warn of massive layoffs
KARACHI:
Textile exporters have lamented that the aggravating cotton yarn crisis due to its shortage has caused a drastic decline in exports, pushing industries on the verge of closure and sparking fears of layoffs of millions of workers.
At a joint press conference of various textile associations, Pakistan Apparel Forum Chairman Jawed Bilwani said, “The government has closed its eyes on the hoarding of cotton yarn and cartelisation, which can be dealt with as per law under the Price Control and Prevention of Profiteering and Hoarding Act 1977 and Competition Act of Pakistan 2010.”