KARACHI: Businessmen on Friday said the budget for the next fiscal year seemed balanced on the face of it, but its long-term impacts on trade and industry would become clear after a close analysis.
KARACHI: The value-added textile exports associations in their budget proposals have demanded the federal government to restore zero-rating, continue duty drawback of taxes and Technology.
Textile Industry Demands Multiple Reforms in Upcoming Budget
The value-added textile exports associations presented their proposals to the Federal Government for Budget 2021-22, demanding that the zero-rating taxation regime is restored and duty drawback of taxes (DDT) are continued.
The textile exporters made these demands while addressing a joint press conference at Pakistan Hosiery Manufacturers and Exporters Association (PHMA) House.
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The textile industry officials also demanded that Technology Up-gradation Fund (TUF) scheme is continued while the final tax is reduced and withholding tax is lowered to 0.5 percent in the budget.
The leaders of the associations also demanded that the Export Development Fund (EDF) surcharge be suspended, and the electricity tariff is reduced and fixed in the forthcoming budget.
Textile sector seeks zero-rated facility
Asks govt to reduce withholding tax to 0.5% in federal budget for FY22
KARACHI:
Value-added textile exporters have urged the government to restore zero-rating (no payment, no refund), continue the Duty Drawback of Taxes (DDT) scheme and Technology Up-gradation Fund (TUF), and reduce withholding tax (WHT) to 0.5% in the upcoming federal budget for fiscal year 2021-22.
At a joint press conference, the heads of around a dozen textile associations including Council of All Pakistan Textile Mills Association Chairman Zubair Motiwala, Pakistan Apparel Forum Chairman Jawed Bilwani, Pakistan Hosiery Manufacturers and Exporters Association Chairman Tariq Munir and Pakistan Knitwear and Sweater Exporters Association Chairman Rafiq Godil demanded the suspension of Export Development Fund (EDF) surcharge.