After a meeting between Finance Minister Ishaq Dar and a delegation of the All Pakistan Textile Mills Association (APTMA) led by its Chairman Tariq Javed on Saturday, announced the decision of imposition 10 percent regulatory duty on import of cotton yarn and grey and processed fabric from November 1.
Dar said that it had also been decided in the meeting that Export Re-Finance Facility (ERF) rate would be reduced by one percent (100 basis points) whereas ginning and spinning sectors would qualify for Long Term Finance Facility (LTFF). He added that the LTFF rate reduction by 100 basis points would help resolve the issue of pending sales tax refunds.
It was also decided that committees consisting of representatives from industry and Federal Board of Revenue would be constituted at each Regional Tax Office (RTO). Efforts would be made to check smuggling.
The minister said that the government had provided Rs 22 billion for textile sector and released Rs 2 billion in terms of rebate for the development of the sector till May 31.
Representatives of the textile industry thanked Dar for the steps announced by the government and assured full support to the government in its efforts for promotion of tax culture and enhancement.
The cotton growers would be given subsidy of Rs 5,000 per acre to enhance cotton output in the country under the Prime Ministerâ€™s Kissan Package facility.
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