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Business
March 17, 2021
ISLAMABAD: Textile exports fell 3.1 percent year-on-year and 6.8 percent month-on-month to $1.2 billion in February, the official data showed on Tuesday, as less number of working days during the month compounded the negative impact of high yarn price.
In February, exports of knitwear and bedwear fell 13 percent and 1.2 percent year-on-year, respectively, according to the Pakistan Bureau of Statistics (PBS). The decline was carried out from 10.3 and 7.3 percent contraction month-on-month.
The downtrend was mainly due to downbeat value-added sector that is a key to drive exports growth. However, exports of basis textiles increased.
In February, basic textiles exports â cotton yarn, cotton cloth, non-cotton yarn, and raw cotton increased 13 percent month-on-month. However, value-added sector and other textiles witnessed a decline of 11 and 10 percent, respectively.
Freight rates jump up to 700%
The transportation cost of containerised cargo across the world, including Pakistan, has increased by up to 700% due to an abnormal growth in imports following the reopening of global economies from partial lockdown amid the Covid-19 pandemic.
The surge in international freight charges for sea, rail and air routes has offset the positive impact of incentives provided by the government for some imports during the pandemic and may lead to imported inflation in the country.
To control the situation, the government may ask international shipping companies to rationalise freight charges during these testing times. Some experts believe freight charges may go back to pre-Covid levels in four to six months. “International freight charges have surged by up to 500-700% over the past couple of months,” said Pakistan International Freight Forwarders Association former chairman Malik Moin while talking to The Express Tribune.
LAHORE: The business community has urged the government to review its decision to withdraw exemption on inter-corporate dividends, which will result in double taxation for the corporate sector, hinder corporatization and business diversification and impede growth of capital markets.
The approval of the Income Tax (Section Amendment) Act 2021 to comply with IMF programme conditions, the businessmen argue, will reduce income tax exemptions for the corporate sector. The bill also proposes removal of a clause that exempts dividend income of the holding company from subsidiaries where the ownership share is more than 55 per cent.
In a letter to Finance Minister Abdul Hafeez Sheikh, Pakistan Business Council CEO Ehsan Malik has stated “the exemption currently provided under clause 103C to the taxing of inter-corporate dividends has helped in consolidation and scaling up of Pakistani businesses. Any change now in the tax laws is likely to negatively impact investment decisions, especial
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