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APTMA seeks govt help to revive industry
 admin May 3, 2010, 03:16:26 AM 

LAHORE: All Pakistan Textile Mills Association (APTMA) has sought vital intervention of the government in tax regime to ensure revival of industry.

In its revenue-neutral and revival-focused budget proposals Tuesday, APTMA urged the government to revive industry in order to generate exportable surplus and create employment through much-needed changes in existing tax regime. APTMA wants government to look into the existing tax structure particularly that of income tax, customs duty and sales tax.

APTMA has urged the Federal Board of Revenue all textile machinery, raw materials, spares and chemicals should be exempted from the 1 percent withholding tax at import stage, besides continuation of the levy of minimum tax in the federal budget 2009-10. APTMA has urged the government to reduce maximum corporate tax to 25 percent in the upcoming budget to attract foreign investment in the sector.

Prevailing shortage of Polyester Staple Fibre (PSF) and not being comparatively cost effective viz international competitors, the customs duty of 4.5 percent on PSF on the import stage should be reduced for local consumers.

Duty levied on other man-made fibres like viscose, acrylic fibres etc should also be withdrawn in next budget.

The DTRE policy for imported PSF to export manufactured goods should be continued and a provision should immediately be made as temporary contingency measure for import of 10,000 tonne PSF per months free from import and anti dumping duties. The zero rating of sales tax for textiles should be continued besides to withdraw 10 percent duty on import and local sale of viscose and abolition of 1 percent special Excise Duty on machinery, spares and packaging materials. APTMA has proposed an immediate sanction of outstanding sales tax refunds to the extent of 1 percent of the turnover value be introduced to liquidate pending refunds.

APTMA has urged the government to allow duty drawback on yarn at the rate of 3-5 percent and Greige Fabric at the rate of 4.5 percent of the turn over value and to the downstream sector on cascading basis. staff report

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