FAISALABAD City News

Textile sector demands zero rated tax regime

From Our Correspondent

FAISALABAD: All Pakistan Textile Sector Associations Thursday demanded zero rated tax regime for the export-oriented industries and immediate clearance of the duty drawback claims piled up with various government departments otherwise they would be forced to close down their business from July 1,2016.

In a joint statement, leaders of Pakistan Hosiery Manufactures & Exporters Association, Pakistan Textile Exporters Association, All-Pakistan Textile Mills Association, Pakistan Sizing Association, Council of Powerlooms Association, All-Pakistan Textile Processing Mills Association and FCCI Senior Vice President Syed Zia Alamdar Hussain said Prime Minister Nawaz Sharif had announced a zero-rated tax regime for the textile exporters but the Federal Board of Revenue was contemplating to make a hefty increase of 3 per cent to 5 per cent increase and withdraw exemption from 5 per cent withholding tax on power bills which was alarming for export sector and sound of death knell for the exports and destroy our exports.

They said all stuck-up claims pertaining to custom rebate, sales tax and DLTL should be released without any further delay.

They called for withdrawing the revision in the method of calculation DLTL claims. It will not only require additional paper work, fresh certificates but also require re-verification of Ministry of Textiles and this step was un-warranted and unnecessary due to its retrospective effects, the argued.

They said it was really alarming that our textile exports have been decreased by 14.7 per cent while over 40 per cent export-oriented mills have been closed down while the remaining are operating partially.

 

TALENT CONTEST: The department of Computer Science, National Textile University, is organising a two-day talent contest event titled ‘Hackathon Olympiad-16’ from May 27, 2016.

The event will feature web development competition, quiz competition, programming competition, final year project idea, photography competition, video making competition, creative writing competition, presentation competition and E-gamming, cricket, tug of war, badminton, table tennis and chess.

More than 30 universities and post graduate colleges are taking part in this event from all over the country.