Currently, the scheme is under process in the State Bank of Pakistan. PHOTO: FILE
ISLAMABAD: The government has formulated a technology up-gradation fund (TUF) scheme to facilitate the textile sector.
Currently, the scheme is under process in the State Bank of Pakistan, sources at the textile industry division said on Tuesday.
Highlighting the measures introduced to facilitate the sector, the sources said facility of duty free import of textile machinery will continue during 2016-17. The government allocated Rs6 billion for textile policy initiatives for 2016-17 while support schemes would also continue during this year which include zero-rated tax regime for five export-oriented sectors - leather, sports goods, surgical goods and carpets -while all the pending sales tax refunds till April 30 whose RPOs have been approved will be paid.
The existing scheme on Drawback of Local Taxes (DLT) will also continue in 2016-17. The sources said in 2014-15, the government reduced mark-up rate on exports finance from 9.4% to 7.5%.
Published in The Express Tribune, September 8th, 2016.
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