Pakistan: Government gives high priority to value-added textile export sector
The Pakistan Government is giving high priority to the value-added textile export industry. Muhammad Zahid Khokhar, Federal Board of Revenue Member Customs, said this when he recently visited Pakistan Hosiery Manufacturers & Exporters Association (PHMA).
During his visit to PHMA, Zahid Khokhar met all the leading exporters of Pakistan besides meeting the office-bearers of PHMA.
He said that in order to promote value addition and exports, the regulatory duty on the import of yarn and other raw materials has been significantly decreased.
Zahid Khokhar, however, added that it was inappropriate to reduce the regulatory duty on 570 products to control the import of products.
He also said that the regulatory duty has been revised only on 90 items whereas the same has been increased on 100 luxury items. Further, rebate will also be paid with the export proceeds electronically in order to facilitate the exporters.
Zahid Khokhar said that the Government of Pakistan was in need of foreign exchange and therefore textile exports held so much relevance. Pakistan’s textile exports constitute a major portion of the country’s overall exports. Member Customs urged to simplify Duty & Tax Remission for Exports (DTRE) and also added that the process of validating the licenses – for export-oriented units and manufacturing bonds – shall be soon automated. Zahid Khokhar further said that the audit will also be done automatically by the system.