Govt to refund exporters’ social security deposits

Move aimed at facilitating and encouraging textile exports.

FAISALABAD: The government has decided to refund old-age benefit and social security deposits to registered textile exporters in an effort to facilitate and promote textile exports, said Shahid Rashid, Secretary of Textile Ministry.

Speaking at a meeting at the office of Pakistan Textile Exporters Association, he said the government was aware of the problems and importance of the textile industry as it was the biggest source of bringing foreign exchange and also a major source of employment.

Survival of the country and economy depended on the textile industry, but due to shortage of funds, the textile policy could not be implemented in a true spirit, he said.

According to him, the textile policy was aimed at incorporating strategies that were essential to address the challenges confronting the industry on a sustainable basis besides meeting its expectations.

Assuring the industrialists, Rashid said efforts were being made to release the amount stuck in the scheme for Drawback of Local Taxes and Levies (DLTL). A high-level meeting, which will be held in Islamabad this week, will also discuss and decide whether to extend the duty drawback facility. According to the businessmen, the facility ended in June this year and should be extended for two years.

Published in The Express Tribune, October 12^th, 2011.