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.
FBR Issues Clarification on Turnover from Disposal of Closing Stock under FTR
The Federal Board of Revenue (FBR) has issued a clarification regarding the treatment of closing stock at the time of change of taxation regime from final to the minimum tax.
Lahore Chamber of Commerce and Industry (LCCI), in its letter to FBR, had sought clarification in this regard.
FBR had clarified the query of Lahore Chamber of Commerce and Industry in its letter of 3rd December. However, concern has been shown from certain quarters that the clarification could not be widely publicized. To quell these concerns, the clarification is being clarified through media.