The Pakistan government had allocated Rs. 6 billion for Textile Policy initiatives for 2016-17 while support schemes would also continue during this year which include Sales Tax of five export oriented sectors namely textile, leather, sports goods, surgical goods and carpets had been made part of zero rated tax regime from July 1, 2016.
Further, all the pending sales tax refunds till April 30 whose RPOs have been approved, will be paid.
The government has now formulated a Technology Up-gradation Fund (TUF) Scheme to facilitate textile sector. At present, the scheme is under process in State Bank of Pakistan, sources at Textile Industry Division said on Tuesday.
Highlighting the measures introduced to facilitate the said sector, the sources said that facility of duty free import of textile machinery will continue during 2016-17.
The existing scheme on Drawback of Local Taxes (DLT) will also continue in 2016-17.
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