The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and Sialkot Chamber of Commerce and Industry (SCCI) have appreciated the move by the Pakistan government to reinstate the zero rating facility which will help the exporters from liquidity crisis. The approval was given by the government in the federal budget 2017-18.
While addressing the media, presidents of SCCI and PRGMEA said that the continuity of the zero rated sales tax policy is a boost to export oriented garments, sports goods, surgical and leather industries. Further, they also requested the Pakistan government for distribution of special development fund for the value addition of textile and garment industries.
The exporters also urged the government for implementation of the policy by August. Continuity of zero rating facility will boost the country’s export business and control corruption.
Further, four new measures were also announced in the federal budget 2017-18 for the development and growth of the textile sector in Pakistan. It includes stabilization of cotton prices in the country, launch of Brand Development fund for textile sector, launch of first ever online textile business/trade portal for textiles and establishment of 1,000 stitching units.