January 25, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former Provincial Minister Mian Zahid Hussain on Wednesday lauded the move of the government to exempt textile raw material from duty.
The Federal Board of Revenue (FBR) has allowed duty exemptions on the import of raw materials for manufacturing and export of textile goods which will bring down cost of doing business and boost exports, he said.
Mian Zahid Hussain said that the development speaks about the concern of Prime Minister Nawaz Sharif on dwindling exports and his plan to revive the external trade.
Customs duty and one percent regulatory duty on the import of certain raw material has been waived which is laudable, he said.
These items included different categories of cotton and artificial staple fibre which will boost textile exports under the recently announced export package by the Prime Minister Nawaz Sharif.
Earlier the Government has announced zero rated sales tax on the import of machinery other than the locally-manufactured ones. Only those textile units would be allowed to avail this facility which are registered with the Ministry of Textile Industry.
The sales tax incentive is also available on the import of raw cotton and further supply to the spinning industry.
The former Provincial Minister said the present Govt has within 3 years stabilized the Country’s economy as a result of which Pakistan’s economic status has outgrown 8 times more than that of India for which the Finance Minister & Prime Minister Mian Nawaz Sharif deserve rightful congratulation.
