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The Pakistan Textile Exporters Association (PTEA) has praised the release of Rs 5 billion to clear claims of duty drawback of taxes (DDT) allowed under the Prime Minister’s Trade Enhancement Initiatives, saying the move will offer the needed flip to textile exports. PTEA chairman Shaiq Jawed termed the move a positive step for sustainable growth. 

The financial stress of textile exporters would be mitigated through payment of outstanding duty drawback of taxes and technology upgradation fund schemes, but immediate payment of stuck-up liquidity in sales tax, income tax and customs rebate refund regime also needs to be addressed to derive maximum industrial growth and a significant rise in exports, Pakistani media reports quoted Jawed as saying. 

 

Forty six billion rupees of textile exporters are blocked in sales tax refund regime, Rs 8.5 billion are held on account of custom rebate and 15 billion rupees under income tax refund, he said. 

 

This is adversely affecting the textile industry, which is unable to tap its potential, he added. 

 

Source : Fibre 2 Fashion

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