PTEA for boosting value-added textile exports

FAISALABAD: The Pakistan Textile Exporters Association has demanded continuation of duty drawback incentives for further three years to boost the value-added textile exports.

In a statement issued here on Tuesday, PTEA chairman Mian Shaiq Javed said that these incentives had a positive impact as textile exports. As a result of growth-led initiatives of the government, he added, the country’s exports had surged by 13.1pc in July-March 2017-18 over the corresponding period of last year. The main driver of growth was the value-added textile sector as exports of ready-made garments went up by 12.56pc during the period in value and 12.85pc in quantity, he continued. He said that exports of bed wear went up 4.99pc in value and 3.16pc in quantity whereas exports of made-up articles, excluding towels, increased by 7pc. He termed the positive growth in exports as a welcome sign for an economy struggling to contain falling foreign exchange reserves. He called upon the government to continue DDT scheme for further three years. This would generate approx 10pc annual growth in value-added textile exports and would add $ 1.5 billion every year, he added.

The PTEA chairman urged the government for immediate payment of stuck up liquidity in refund regime to get maximum industrial growth and significant increase in exports as cash flow crunch was negatively impacting the export-oriented textile industry. He said that Rs 30 billion textile exporters were held in sales tax regular refund regime whereas Rs 10 billion were held on account of customs rebate and Rs 15 billion were held under the income tax credit. Similarly, he added, the incentives allowed under textile policy 2009-14 were also unpaid as Rs 20 billion were outstanding under the TUF schemes while Rs 10 billion under mark-up support and Rs 3 billion were stuck up under the DLTL scheme. Furthermore, he continued, Rs 21 billion were also unpaid against the duty drawback of taxes under the Prime Minister Trade Enhancement Initiative, he concluded.

EIGHT HELD FOR DECANTING: Police on Tuesday arrested eight shopkeepers on the charge of decanting.

They included Muhammad Hamza, Bilal Ahmad, Zulfiqar Ali, Muhammad Arif, Yasir, Muhammad Irfan and Shahbaz.