Zero rat­ing plan for tex­tile lauded

The Pak Banker - - NATIONAL -

Chair­man APTMA, Mr. Tariq Saud ap­pre­ci­ated timely decision of the Gov­ern­ment to rein­tro­duce Zero Rat­ing or NoTax and No-Re­fund Regime for the Tex­tile Sec­tor which is the ma­jor ex­port ori­ented sec­tor and con­trib­utes more than 55% of for­eign ex­change earn­ings through ex­ports.

In a state­ment is­sued to the Press, Mr. Tariq Saud, Chair­man APTMA thanked Mr. Muham­mad Nawaz Sharif, Prime Min­is­ter of Pak­istan, Mr. Muham­mad Ishaq Dar, Fed­eral Min­is­ter for Fi­nance & Eco­nomic Af­fairs, Mr. Ha­roon Akhtar Khan, Spe­cial As­sis­tant to the Prime Min­is­ter on Rev­enue and Chair­man FBR, Mr. Nisar Muham­mad Khan for show­ing ac­cep­tance of the long­stand­ing de­mand of APTMA to re­vamp back to zero rat­ing of raw ma­te­ri­als ex­clu­sively used by the in­dus­try for the man­u­fac­tur­ing of prod­ucts which will be step for­ward for the de­vel­op­ment and growth of ex­port ori­ented tex­tile in­dus­try .

He ap­pre­ci­ated Mr. Muham­mad Ishaq Dar, Fed­eral Min­is­ter for Fi­nance & Eco­nomic Af­fairs who heard the is­sues of the in­dus­try and taken con­crete step for the re­vival of the Tex­tile In­dus­try by rein­tro­duc­ing Zero Rat­ing Regime for the five ma­jor ex­port ori­ented in­dus­try which worked well and ex­port regis- tered growth.

Chair­man APTMA hoped that ac­cep­tance of the pro­pos­als in let­ter and spirit would be a big achieve­ment of the tex­tile sec­tor on which the present gov­ern­ment has shown green sig­nal to en­hance ex­ports. He fur­ther said that the ap­pli­ca­tion of sales tax regime at the rate of zero-per­cent on ex­port ori­ented sec­tors in­clud­ing tex­tiles from the year 2016-17 wherein en­tire sup­ply chain would be sub­jected to zero-rat­ing regime would take away the is­sues of re­funds and re­solve liq­uid­ity prob­lems both for the in­dus­try and its buy­ers.

A del­e­ga­tion led by Chair­man APTMA, Mr. Tariq Saud also par­tic­i­pated by the rep­re­sen­ta­tives of the Tex­tile Value Chain held an ex­clu­sive meet­ing with Mr. Ishaq Dar on Sun­day the 29th May 2016 at Is­lam­abad. Mr. Ha­roon Akhtar Khan, Spe­cial As­sis­tant to the Prime Min­is­ter on Rev­enue and Chair­man FBR, Mr. Nisar Muham­mad Khan and were also present in the meet­ing. The Fi­nance Min­is­ter also as­sured of con­sid­er­ing the other rec­om­men­da­tions of APTMA for the restora­tion of vi­a­bil­ity of in­dus­try to in­crease ex­ports and to avert the threats to the do­mes­tic in­dus­try for com­pet­ing on level play­ing field against the entry of sub­si­dized rates of tex­tile prod­ucts for con­sump­tion in the do­mes­tic com­merce.

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