President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has lauded the government's move to exempt textile raw material from duty. The Federal Board of Revenue (FBR) has allowed duty exemptions on the import of raw materials for manufacturing and export of textile goods which will boost exports and bring down the business cost, he said.
Mian Zahid Hussain said the development speaks about the concern of Prime Minister Nawaz Sharif on dwindling exports and his plans to revive the external trade. Decision of waiving customs duty and 1 percent regulatory duty on the import of certain raw material is impressive and laudable, he said.
These items included different categories of cotton and artificial staple fibre which will boost textile exports under the recently announced export package by the Prime Minister Nawaz Sharif. Earlier the Government has announced zero rated sales tax on the import of machinery other than the locally-manufactured ones. Only registered textile units with the Ministry of Textile Industry would be allowed to avail this facility.
The sales tax incentive is also available on the import of raw cotton and further supply to the spinning industry. He said the present government has stabilised the country's economy within 3 years and as a result, Pakistan's economic status has outgrown 8 times more than India. The credit goes to Finance Minister Ishaq Dar and Prime Minister Mian Nawaz Sharif.
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