The reduction in turnover tax, announced by the Government of Pakistan through Federal Budget for the financial year beginning July 1, 2013, would benefit the country's textile and garment sector.
Commenting on the Budget, Mr. Shehzad Salim, Chairman of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) told exclusively to fibre2fashion, “For the textile industry, the turnover tax has been reduced from the current 1 percent flat to 0.5 percent, which is bound to benefit the sector.”
The Budget proposes to reduce the sales tax as well as decrease the excise slab from the present 12 percent to 5 percent. “So, there is some relief to the common man in terms of taxation, which is positive and good,” avers Mr. Salim.
“Overall, it looks like a plain vanilla budget with no major changes or policy shifts. However, there is a lot of clarity that needs to come through in the Budget, which we hope to get in the coming days,” he opines.
Fibre2fashion News Desk - India
marketing@alchempro.com
