Pakistan eyeing bigger share of global textile market, the Federal Board of Revenue (FBR) has notified new rates of duty drawback on export of textile and allied products. According to notification (SRO754 of 2014) issued on Tuesday, the new rates will be effective from Aug 21.
The FBR has also issued another notification to allow new rates of duty drawback to exporters retrospectively from Jan 1 as well.
In the current budget, the Pakistan government announced textile package to be effective from July 1 to provide relief for the textile exporters.
The new rates of duty drawback will be 1.86 per cent of FOB value on export of 100pc cotton or blended polyester/cotton/Trevira (all blends) dyed THPC fire or flame retardant woven fabric; 1.26pc of the FOB value on 100pc cotton dyed THPC fire or flame retardant (Provatex ACS special) woven garments and 1.35pc of the FOB value on blended cotton/ polyester/ Trevira (all blends) dyed THPC fire or flame retardant (Provatex ACS special) woven garments.
According to the notification, the rate of duty drawback will be 3.96pc of the FOB value on 100pc cotton or blended polyester/ cotton (all blends) luminous dyed HIVIS fire or flame retardant (Provatex CP) woven fabric; 3.06pc of the FOB value on 100pc cotton luminous dyed HIVIS fire or flame retardant (Provatex CP) woven garments.
The rate of duty drawback will be 3.13pc of the FOB value on export of polyester/cotton blended (all blends) luminous dyed HIVIS fire or flame retardant (Provatex CP) woven garments; 1.06pc of the FOB value on 100pc cotton bleached or white or blended polyester/ cotton (all blends) polyurethane finished woven fabric; 2.11pc of the FOB value on 100pc cotton and blended cotton/ polyester (all blends) dyed polyurethane finished woven fabric and 1.80pc of the FOB value on 100pc cotton and blended cotton/ polyester (all blends) dyed soil release finished woven fabric.
Through another notification, SRO755 of 2014, the FBR has allowed repayment of customs duties in respect of goods exported between the period commencing from the Jan 7, 2013, and ending on Aug 21, 2014.
The rate of duty drawback will be 1.86pc of the FOB value on export of 100pc cotton or blended polyester/ cotton/Trevira (all blends) dyed THPC fire or flame retardant woven fabric; 1.26pc of the FOB value on 100pc cotton dyed THPC fire or flame retardant (Provatex ACS special) woven garments; 1.35pc of the FOB value on blended cotton/ polyester/Trevira (all blends) dyed THPC fire or flame retardant (Provatex ACS special) woven garments.
Through the same notification, the rate of duty drawback will be 3.96pc of the FOB value on 100pc cotton or blended polyester/ cotton (all blends) luminous dyed HIVIS fire or flame retardant (Provatex CP) woven fabric; 3.06pc of the FOB value on 100pc cotton luminous dyed HIVIS fire or flame retardant (Provatex CP) woven garments; 3.13pc of the FOB value on Polyester/cotton blended (all blends) luminous dyed HIVIS fire or flame retardant (Provatex CP) woven garments; 1.06pc of the FOB value on 100pc cotton bleached or white or blended polyester/ cotton (all blends) polyurethane finished woven fabric; 2.11pc of the FOB value on 100pc cotton and blended cotton/ polyester (all blends) dyed polyurethane finished woven fabric; 1.80pc of the FOB value on 100pc cotton and blended cotton/ polyester (all blends) dyed soil release finished woven fabric.
The package is estimated to help increase exports by at least $2bn from next year.
Zhejiang Yanpai Filter Technology has placed a new order with Andritz for two additional high-performance needlepunch production lines.
Sunrise has started building a textile factory in Morocco through its newly formed subsidiary, Euwen Textiles. Construction has begun in…
Tendam, in partnership with the University of Design, Innovation and Technology, has released a new study examining the carbon footprint…
Researchers from Latvia have identified mycelium-based insulation as the most promising reuse option for fast-fashion textile waste.
A breakthrough has revealed a new way to convert PET from plastic bottles and synthetic textiles into key components used…
The proposed India–New Zealand Free Trade Agreement (FTA) is expected to significantly strengthen Indian exports.