Pakistan textile exports to increase by $5 bn by 2022
As the export duties on the raw material reduce, it is expected that the textile exports from Pakistan will increase by $5 billion in the next fiscal year.
Islamabad
As the export
duties on the raw material reduce, it is expected that the textile exports from
Pakistan will increase by $5 billion in the next fiscal year.
According to
Robina Ather, chairperson of the National Tariff Commission (NTC), much relief
has been given to the export sectors in the past two years. Around 2,000 tariff
lines have been reduced to zero and the duties on raw materials have also been
reduced. She also said that textile exports will increase by $4-5 billion next
year.
Officials from
FBR informed that the government has decided to do away with the tax on the
import point-of-sale machines. The retail
stores can import duty-free machines. The import duty on the card reader
machine and duty on raw materials of pharmaceutical items has also been
removed. Senator Sabzwari has requested that the medicines should also be
cheaper now. According to Senator Sadia Abbasi, the establishment of
theme-based parks is needed to protect human lives. According to her tourism
makes the country stand out.
The FBR also
involved that vehicles below 850 CC need not pay the regulatory and additional
customs duties. Duty on import of auto kits has also been reduced
to 15% so that the local auto sector can be promoted. As per Senator Mandviwalla, there should be a
pricing system as the most expensive cars are being made in the country.
Source – The Nation
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