Pakistan Budget 2005-06, proposals for textiles, cotton and allied sectors
07 Jun '05
3 min read
• In addition, machinery and equipment for setting up, balancing, modernization or replacement of industry are proposed to be kept at 5% duty, and duty on their parts is being brought to the same rate • Opening of L/Cs on arrival of imported machinery may be allowed up to 30th June 2005 • Import and supply of raw materials and parts used in manufacturing of plant and machinery may be zero-rated for sales tax purposes, proposed • Under rationalization of Sales Tax on zero-rating imports and supplies consumed by textile, carpets, leather, surgical and sports goods in export sectors is being revised upward by 0.25% • Zero Duty for raw materials to manufacture carpets, textile, leather, surgical and sports goods at import stage from Customs duty • Reduction in duty on man made fibres and raw materials used their production • Karachi Textile City is being established • Garments cities for Lahore and Karachi
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