Monday May 16, 2022

Textile sector seeks tax incentives

By Our Correspondent
May 14, 2022

KARACHI: Textile owners have asked the government to provide sales tax incentives, saying a relief would benefit the industry as well as the country’s economy, The News learnt on Friday.

A delegation of textile sector from Karachi met Commerce minister Syed Naveed Qamar to discuss issues related to the industry, where the minister assured of his full support to textile owners.

The meeting deliberated upon a strategy to get more market access to different potential countries especially to Canada, Australia, and South Africa, besides taking more benefits of GSP-plus status given to Pakistan by the European Union.

The delegation also took up drawback of local taxes and levies (DLTL), gas, electricity, and pending refunds of the textile sector.

During the meeting, the textile operators mentioned that there were anomalies left in the last annual budget, which needed to be addressed immediately.

Meanwhile, the minister emphasised on diversification of textile products and exploration of new markets.