Lahore: Pakistan Textile Exporters Association (PTEA) has lauded the measures proposed by the government in its mini-budget announcement. In a publication, the national exporters’ body has expressed its support for what it deems the ‘revolutionary initiative taken by the government.’
The measures outlined in the budget announcement include:
Abolition of Withholding Tax on filers
Resolution of refunds for exporters through promissory notice
Resolution of issues related to the Gas Infrastructure Development Cess (GIDC) Act
Reduction/abolition of custom duties on industry-related raw materials
Tax exemption through greenfield projects
The advertisement notes that these steps will boost investments, exports, jobs availability, and savings. They will also promote economic activity inside the country.
Adviser to Prime Minister on Commerce, Textile, Industry, Production and Investment Abdul Razak Dawood had previously made some announcements to this effect. He had said that the government will take steps to ease tariffs and duty structures in the next mini-budget. These revisions, according to the adviser, will help boost industrialisation.
According to analysts, the government has come through on its commitments through the new changes announced in its mini-budget.
