Prgmea urge to include value added textile industry in zero rated regime

The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) in order to attract new investment, revive economic growth and get rid of liquidity crunch has urged for zero rating facility be given to export-oriented, value-added textile industry.

Prgmea Chairman Ijaz Khokhar in a statement on Saturday said that ‘No Tax, No Refund’ formula should be applied to value-added textile chain by including it in zero-rated regime as it is generating more employment and more revenue from other textile chain.

He said that more than 30 percent working capital of the textile sector was stuck-up under refund regime, because several incentives announced in the budget 2014-15 — including ‘rationalization of refund regime’ and ‘complete settlement of all outstanding refund claims till 2014’ — could not be implemented.

He has urged the Federal Board of Revenue (FBR) to process the sales tax refund in minimum possible time in a transparent manner and to evolve a mechanism to eliminate liquidity problems of refund claimants and frivolous litigation pertaining to refunds.

The FBR should streamline the entire refund verification and sanctioning process to facilitate the export-oriented sector.

Recent Posts

AMSilk expands silk protein production with AFE

Biotechnology company AMSilk is preparing to increase the large-scale production of its silk proteins through its partnership with Ajinomoto Foods…

2 days ago

H&M launches denim with Circ and Tencel’s recycled fiber

H&M has introduced a denim collection made with Tencel | Circ with Refibra technology, demonstrating the potential of textile-to-textile recycling…

2 days ago

AIMPLAS explores enzyme-based recycling of marine waste

Spain-based research centre AIMPLAS is developing new enzyme-based recycling methods for marine plastic waste through its Oceanzyme project.

2 days ago

Louis Vuitton introduces silk and reclaimed nylon fabric

Louis Vuitton has introduced a new lightweight material called Silk Tech, made using a twill weave that combines silk with…

6 days ago

Harvard researchers develop programmable knit fabrics

Researchers at Harvard University have developed programmable knitted textiles that can perform functions beyond traditional fabrics.

6 days ago

Avalo, Advance Denim to scale AI-developed low-impact cotton for denim

Agricultural biotechnology company Avalo has selected Advance Denim as its first mill partner for the denim market across China, Vietnam,…

6 days ago