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Category: Budget

This is parent category of budgets presented by Pakistan government. Here you will find year-wise federal and provincial budgets.

  • Sindh unveils Rs1.2 trillion budget 2020/2021 with no new tax, 10 percent salary increase

    Sindh unveils Rs1.2 trillion budget 2020/2021 with no new tax, 10 percent salary increase

    KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Wednesday presented Rs1.2 trillion provincial budget 2020/2021 with announcing no new tax and increase of 10 percent salary of the provincial government employees.

    On the floor of the house while delivering speech for budget 2020/2021, the chief minister said that the total outlay of budget for the next financial year 2020-2021 is Rs.1.2 trillion.

    The total size of current revenue expenditure is Rs.968.9 billion.

    “It is important to highlight here that for the next financial year, we have tried to align our Development as well as non-development expenditure priorities in line with the post COVID-19 situation,” the chief minister said.

    He said that during financial year 2019-20, the province faced financial constraints due to COVID-19 which significantly affected development progress in the entire country. Sindh was no exception.

    Government of Sindh budgeted Rs.284 billion as total development outlay in financial year 2019-2020, wherein Rs.208 billion were earmarked for Provincial ADP, Rs.20.0 billion for District ADP, Rs.51.0 billion in foreign projects assistance, and Rs.4.9 billion from Federal PSDP grant.

    Looking at the financial constraints, stakeholder departments are likely to complete 425 schemes during 2019-20, 33 schemes less as compared to 458 completed in 2018-19.

    “For the next financial year 2020-2021, the Administrative Departments in Sindh were earlier advised to prepare proposals for Provincial ADP 2020-21 at the size same as that of 2019-20 while allocating 85 percent for on-going schemes and 15 percent new schemes.

    “However, in a post Covid-19 scenario, with a reduction in federal transfers and funding for development, the total development outlay for Sindh for the next financial year 2020-2021 is proposed at Rs.232.9 billion, allocating Rs.155.0 billion to Provincial ADP and Rs.15.0 billion to District ADP schemes.”

    It would be pertinent to highlight that in this context Rs.54.6 billion are expected from Foreign Projects Assistance (FPA) and Rs.8.3 billion from Federal Government in Federal PSDP for 10 schemes under execution by Government of Sindh.

    The government had earlier decided to keep the size of development budget for the next financial year 2020-21 for important sectors such as Education, Health, Social Safety & Poverty Reduction and Water & Sanitation nearly same as that of 2019-20. In exceptional cases such as Health, allocation has been increased from Rs.13.50 billion to Rs.23.50 billion in order to meet the challenges of COVID-19 situation.

    The throw-forward amount in Provincial ADP 2020-2021 for 2209 schemes has reached at Rs.564.00 billion as compared to Rs.606.0 billion for 2705 schemes in 2019-2020.

    Keeping in view above non-development and development expenditure priorities, the major milestone of our objectives are:

    1. Exercise maximum austerity measures in our non-development expenditures.

    2. Provide maximum resources for Health sector.

    3. Enlarge substantially our social protection net through increased cash transfers to poverty inflicted people.

    4. Provide ways and means for employment generation as well sustaining economic activity for the poorest of the poor, in rural as well as urban areas.

    5. Continuing our focus on education, through increased allocations in financial year on development and non-development, despite huge resource constraints.

    6. Fashion our development spending in sync with the above mentioned post Covid preferences with increased focus on Public Private Partnership (PPP) projects.

    During his speech the chief minister said that the provincial government had decided not to introduce new tax in the budget 2020/2021.

    Further, in order to provide relief the salary of provincial government employees has been increased by 10 percent for grade 1-16 and five percent for grate 17 and above.

  • Key points of amnesty scheme for real estate sector

    Key points of amnesty scheme for real estate sector

    KARACHI: The federal government has made amnesty granted to real estate sector to the part of Finance Bill, 2020 in order to get approval from the Parliament.

    Deloitte Yousuf Adil Chartered Accountants in their budget explanations said that to stimulate investment in real estate and construction sector, a no-questions-asked amnesty has been introduced.

    Under this amnesty the Federal Board of Revenue (FBR) has been restrained from asking question related to source of investment made into the real estate / construction business.

    Both previous and current federal governments have launched tax amnesty schemes in 2018 and 2019, albeit the scope of this scheme is limited to investment made in construction sector only.

    The proponent of this particular amnesty scheme argues that this would act as a catalyst to increase economic activity in the country thereby improving employment opportunities as number of sub-sectors and small and medium size industries are associated with construction industry.

    The newly introduced scheme provides immunity from the provisions of section 111 of the Ordinance , and no questions will be asked regarding source of funds from investors making capital investment in new construction projects in the form of money or land, either as an individual, as an association of persons or a company, subject to conditions as explained below.

    For individuals:

    Monetary: Investor shall open a new bank account and deposit such amount in it on or before the 31st day of December, 2020

    Land: Investor shall have the ownership title of the land at the time of commencement of the Tax Laws (Amendment) Ordinance, 2020

    Corporate shareholder / Partner:

    Monetary: Such amount shall be invested through a crossed banking instrument deposited in the bank account of such association of persons or company, as the case may be, on or before the 31st day of December, 2020

    Land: Such land shall be transferred to such association of persons or company, as the case may be, on or before the 31st day of December, 2020. Provided that the person shall have the ownership title of the land at the time of commencement of the Tax Laws (Amendment) Ordinance, 2020

    Registration: The Company or AOP shall be a single object company duly registered under the Companies Act, 2017 or Partnership Act, 1932 as the case may be.

    Additional conditions to be met:

    • Prescribed IRIS form shall be submitted by the person making investment.

    • The investments made shall be wholly utilized in a project.

    • Grey structure in case of builders and landscaping in case of developers have been completed on or before September 30, 2022, and duly certified by NESPAK or respective map approving authority.

    • Further, for land developer, the following additional conditions should be met;

    • 50 percent of plots have been booked for sale and 40 percent of sale proceeds thereof have been received by September 30, 2022 as duly certified by specified chartered accountancy firm.
    • 50 percent of the project roads have been laid up to sub-grade level as duly certified by NESPAK.

    • The value or price of the land or building shall be higher of

    a) 130 percent of FBR assessed fair market value; or

    b) At the option of person making investment, lower of the value determined by at least two independent SBP approved valuers.

    Exclusion

    The following incomes or persons are excluded from the relief provided under the amnesty scheme:

    Holder of public office, benamidar or his spouse or dependents; or

    Public Listed Company, real estate investment trust or any company whose income is exempt under the Ordinance.

    Proceeds of crime including money laundering, terror financing excluding tax evasion.

    Restriction of Ownership Changes

    • Under the new amnesty, no change in ownership shall be allowed for incomplete projects except where 50 percent cumulative cost on the project has been incurred as certified by prescribed Chartered Accountants firm, with the exception of legal transmission to heirs.

    • Inclusion of partners or shareholders after December 31, 2020 is permissible; however, such investors shall not be eligible to avail tax amnesty.

    Amnesty to the purchaser

    Provisions of section 111 shall also not apply to:
    the first purchaser of a building or a unit in the building in respect of the purchase price both in case of new project or existing incomplete project where payment is routed through crossed banking instrument between the date of registration of project with the FBR and September 30, 2022.

    The purchaser of plot for building construction where the purchase, the payment thereof and commencement of construction has been made on or before December 31, 2020 subject to construction completion by September 30, 2022 and subject to registration of such purchaser with FBR on IRIS portal.

    Thus no questions would be asked from the purchaser of building or plot regarding source of funds who complies with the above mentioned conditions.

  • FBR constitutes committees to remove anomalies in Finance Bill 2020

    FBR constitutes committees to remove anomalies in Finance Bill 2020

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted two committees for identifying and removing anomalies in the Finance Bill, 2020.

    The FBR issued two separate notifications for constituting the committees, which comprise FBR officials and representatives of business community.

    Chairman of the first anomaly committee is Saqib Shirazi of Atlas Group.

    The co-chairmen of the committee are Muhammad Javed Ghani, Member (Customs-Policy) and Dr. Hamid Ateeq Sarwar, Member (IR-Policy).

    The other members of the committee are:

    01. Ehsan Malik, Pakistan Business Council

    02. Agha Shahab Khan, President, Karachi Chamber of Commerce and Industry (KCCI)

    03. President, Khyber Pakhtunkhwa Chamebr

    04. Abdul Samad, former president, Quetta Chamber of Commerce and Industry

    05. Anjum Nisar, President, Federation of Pakistan Chamber of Commerce and Industry (FPCCI).

    06. Zahid Shinwari, former president, Sarhad Chamber

    07. Irfan Iqbal Sheikh, President, Lahore Chamber of Commerce and Industry (LCCI)

    08. Amir Fayyaz, Former Chairman, All Pakistan Textile Mills Association (APTMA).

    The FBR constituted the other technical anomaly committee. Ashfaq Tola, FCA, FCMA has been appointed as chairman of the committee.

    The co-chairmen of the committee will be the same FBR officials of the first committee.

    Other members of the committee are included:

    01. Ali Jameel, FCA

    02. Asif Haroon, FCA

    03. Abdul Qadir Memon, President, Pakistan Tax Bar Association

    04. Syed Yawar Ali, CEO, Pakistan Business Council

    05. Mrs. Robina Ather, Chairperson, National Tariff Commission (NTC)

    06. Muhammad Shahzad, ex-partner, A. F. Ferguson & Co.

    07. Rashid Ibrahim, A. F. Ferguson & Co.

    08. Khurram Mukhtar, Patron in Chief, PTEA.

    The term of reference (TOR) for the committees is: to review the anomalies identified and submitted; and to advise FBR on removal of anomalies.

    The FBR advised both the committees to submit the anomalies by June 19, 2020.

  • Restriction imposed on revising wealth statement

    Restriction imposed on revising wealth statement

    KARACHI: Taxpayers have been barred from revising their wealth statement after expiry of five years.

    An amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2020.

    According to interpretation of Finance Bill, 2020 by Deloitte Yousuf Adil Chartered Accountants, presently, revision of wealth statement is allowed without a requirement to obtain approval of the Commissioner Inland Revenue, as is otherwise required for revision of return of income.

    It is now proposed that such revision of wealth statement shall be contingent upon the similar approval of the Commissioner, which shall be granted, in case of bona fide omission or misstatement.

    “However, no such revision is allowed after the expiry of five years from the due date of filing of return of return of concerned tax year.”

    Another amendment has been proposed regarding assessment. The chartered accountants explained that currently where a taxpayer has furnished a return of income, the Commissioner Inland Revenue shall be treated to have made an assessment of taxable income and tax due thereon equal to amounts specified in the return.

    Further, such return shall be taken for all purposes to be an assessment order issued by the Commissioner.

    In order to ensure accuracy of the returns filed by taxpayers, automated adjusted assessment mechanism is being proposed.

    Under this mechanism, the return filed shall be subject to an automatic review and adjustment within six months of filing of return for rectification of any numerical errors or incorrect claims, losses, deductible allowances or tax credit, or wrongful carry forward of losses that are apparent from the return of income.

    In this regard, a notice shall be issued to the taxpayer before the adjustments are effected in the return, which is required to be responded within 30 days of the date of notice.

    Further, where no such adjustments are made within the specified period of six months, the return filed shall be deemed to have been automatically adjusted on the day the return is filed and automatic intimation through IRIS shall be forwarded to the taxpayer.

    The existing provisions as to deemed assessment order will now apply to adjusted return rather than the original return filed by the taxpayer.

    For the purposes of this section, the following definition are proposed to be introduced vide Finance Bill 2021:

    “Arithmetical Error” includes any wrong or incorrect calculation of tax payable including any minimum or final tax payable

    “An incorrect claim apparent from any information in the return” shall mean a claim, based on an entry, in the return

    i. of an item, which is inconsistent with another entry of the same or some other item in such return;

    ii. regarding any tax payment which is not verified from the collection system; or

    iii. in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction.

    The amended provision does not cater for situations where the tax payers have to make adjustments in the return due to inability of the online return form to cater to unique circumstances of the business of the taxpayer.

    Application of this automated adjustment mechanism may create problems for the tax payers unless the online return is amended to cater for all situations that a tax payer may face in line with the provisions of law.

  • Concealed income to be added under business income

    Concealed income to be added under business income

    KARACHI: The Finance Bill 2020 has proposed amendment to laws pertaining to concealed income. Under the amendment the identified concealed income to be added under head of business income.

    The Finance Bill 2020 proposed amendment to Section 111 of Income Tax Ordinance, 2001.

    As per interpretation of Finance Bill, 2020, Deloitte Yousuf Adil Chartered Accountants explained that as per existing law, suppressed amount of production, sales or any amount chargeable to tax or of any item of receipt liable to tax shall be included in the person’s income chargeable to tax under head “Income from Other Sources” to the extent it is not adequately explained.

    The Finance Bill 2020 proposes to tax such amount under head of “Income from Business”.

    Since, such items pertain to business activities of a person, therefore, the same should be liable to tax under head of Income from Business.

    Consequent to proposed amendments, the relevant expenses incurred would then be allowable.

    However, the amount credited, value of the investment, money, value of the article, or amount of expenditure shall still be included in the person’s income chargeable to tax under the head “Income from Other Sources” to the extent it is not adequately explained.

  • Punjab announces tax payment relaxation to property, motor vehicle

    Punjab announces tax payment relaxation to property, motor vehicle

    LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021.

    According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles:

    Special relaxations for financial year 2020-21.

    (1) Notwithstanding anything contained in sections 3 and 12 of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958), for the financial year 2020-21:

    (a) discount equal to five percent of the tax being paid shall be allowed on payment of tax through e-payment system;

    (b) a rebate equal to ten per cent of the amount of annual tax shall be allowed if the amount of annual tax is paid in lump sum on or before the 30th day of September 2020;

    (c) the tax shall be paid on yearly basis or half yearly basis as the assessee may choose or by such later day as the Government may by notification determine; and

    (d) the late payment surcharge shall not be imposed for the tax amount due.

    (2) Notwithstanding anything contained in sections 3 and 9 of the Punjab Motor Vehicles Taxation Act, 1958 (XXXII of 1958), for the financial year 2020-21:

    (a) discount equal to five percent of the tax being paid shall be allowed on payment of tax through e-payment system;

    (b) a rebate equal to 20 percent of the amount of annual tax shall be allowed if the amount of annual tax is paid in lump sum on or before the 30th day of September 2020; and

    (c) if a person fails to pay any amount of tax due within the period fixed for such payment, he shall not be liable to pay any penalty if he pays the same during the financial year 2020-21.

    (3) This section shall remain in force till 30th day of June 2021.

  • Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment

    Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment

    LAHORE: The Punjab government has announced a tax relief package amounting over Rs56 billion in the budget 2020/2021. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the highlights of the relief package to be provided during next fiscal year.

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  • Punjab allocates Rs337 billion for development programs

    Punjab allocates Rs337 billion for development programs

    LAHORE: The Punjab government has announced an allocation of Rs337 billion for the Annual Development Plan (ADP) for the fiscal year 2020-2021. This significant budget reflects Punjab’s commitment to sustained development and prioritization of ongoing projects.

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  • Punjab presents Rs2,240 billion budget 2020/2021; Rs56.5 billion for tax relief package

    Punjab presents Rs2,240 billion budget 2020/2021; Rs56.5 billion for tax relief package

    LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented provincial budget for fiscal year 2020/2021. The total outlay of the budget is Rs2,240.7 billion.

    The provincial government allocated Rs337 billion for development program during next fiscal year. The allocation is 32 percent is higher than the annual development plan of the outgoing fiscal year of Rs255 billion.

    In order to mitigate the impact of coronavirus the Punjab government announced a tax relief package of Rs56.5 billion for the next fiscal year.

    The provincial minister said that this year’s budget making exercise was a challenging and daunting task.

    Covid-19 Pandemic created unprecedented financial crunch and great economic uncertainty. Finance Department responded to this challenge with prudent financial management, enhanced allocations for the Health Sector, and acute austerity measures for non-essential services while simultaneously ensuring releases for Development Expenditure.

    Timely distribution of cash grants under Social Protection to the marginalized segments of society was ensured.

    The highlights of Budget 2020-21 are fiscal discipline, impetus to the economy, prudent austerity, participatory budget making and Framework for Rolling Expenditure control for efficient spending throughout the year.

    Social sector spending for welfare of the people of Punjab and tapping private investments by means of Public Private Partnership are envisaged and made an integral part of the Budget.

    The other highlights of the provincial budget are:

    PRIMARY & SECONDARY HEALTHCARE

    • Integrated Program for Communicable Disease Control Punjab – Rs. 200 million

    • Provision of Free Medicines – Rs. 15.7 billion

    • Punjab Health Facility Management Company (PHFMC) – Rs. 6 billion

    • Expanded Program for Immunization (EPI) – Rs. 5.7 billion

    • Establishment of 200 bedded Mother & Child Health Hospitals at Rajanpur, Layyah & Mianwali –Rs. 720 million

    • PM Health Initiative – Rs. 2.7 billion

    • Pro Poor Patients Treatment on CM’s Directives – Rs. 600 million

    SPECIALIZED HEALTHCARE & MEDICAL EDUCATION

    • Establishment of Tertiary Care Hospital-Nishtar-II, Multan – Rs. 1 billion

    • Provision of Missing Specialties for Up-gradation of DHQ Hospital to Teaching Hospital Gujranwala -Rs. 500 million

    • Health Insurance Program, Punjab (potential beneficiaries – 5.3 million families) – Rs. 12 billion

    • Establishment of Sardar Fateh Muhammad Khan Buzdar Institute of Cardiology, D.G. Khan – Rs. 1 billion

    • Allocation for COVID-19 Prevention and Control – Rs. 3 billion

    • Provision of free medicines – Rs. 22 billion

    HIGHER EDUCATION

    • University of Chakwal – Rs. 95 million

    • Baba Gurunanak University, Nankana Sahib (Phase-I) – Rs. 50 million

    • Establishment of Ghazi University, D.G. Khan – Rs. 70 million

    • Establishment of Thal University at Bhakkar – Rs. 30 million

    • Chief Minister’s Merit Scholarships (CMMS) – Rs. 540 million

    AGRICULTURE

    • National Program for enhancement of Crop productivity of Wheat, Rice, Sugarcane & Oil Seeds – Rs. 1.68 billion

    • Subsidy on Agricultural Inputs Rs. 4 billion

    • Interest Free Loan Scheme for Farmers – Rs. 1.86 billion

    • Fasal Bima Scheme (Crop Insurance) – Rs. 1.30 billion

    COMMUNICATION & WORKS

    • Rural Accessibility Program (Phase – 2) – Rs. 10 billion

    • Dualization of Dina – Mangla Road – Rs. 300 million

    • Development Package of Mianwali having 42 Roads. – Rs. 2.1 billion

    • Construction of flyover at Nadirabad Phatak to Industrial Estate, Multan – Rs. 300 million

    • Arterial Roads Improvement Program – Rs. 1 billion

    SOCIAL PROTECTION

    • Ba-Himmat Buzurg Program (for old age people having age 65 and above) – Rs. 3.6 billion

    • Sila-e-Funn Program (for poor artists aged 50 and above) – Rs. 100 million

    • Masawaat Program for Transgender people – Rs. 200 million

    • Nai Zindagi Program (Medical & Psychological rehabilitation for Acid Attack Victims) Rs. 200 million

    • Sarparast Program (for widows & orphans) – Rs. 1.5 billion

    • Khiraj ush Shuhada Program (for families of Civilian Martyrs of Terrorist Attacks) – Rs. 150 million

    • Hamqadam Program (for persons with disabilities) – Rs. 3.6 billion

    • Zevar-e-Taleem Program (for school going poor girls) – Rs. 5 billion

  • Budget fails to address industry issues amid COVID crisis: APTMA

    Budget fails to address industry issues amid COVID crisis: APTMA

    KARACHI: All Pakistan Textile Mills Association (APTMA) has rejected the federal budget 2020/2021 saying that the budget has failed to address serious industry issues in the light of the worldwide Covid-19 created crisis.

    This is likely to lead to large scale unemployment and closures and as the market dynamics have changed Post Covid, it said in a statement issued on Monday

    Bold and direct steps were required to retain our export earnings and maintain employment in a shrinking world Market due to lack of demand especially textiles which constitute 60 percent of export earnings.

    It said our Balance of Payments position is likely to worsen as a result of the lack of appreciation of the issues facing exports and the expected 20 percent drop in remittances (World Bank estimate) due to large scale layoffs in the Gulf countries and Saudi Arabia.

    Resolution of followings is requested at earliest;

    1. Provision of Regionally Competitive Energy Prices

    Continuation of regionally competitive fixed electricity tariff at 7.5cents/KWh and $ 6.5 per MMbtu for RLNG/gas across the value chain to ensure competitive export pricing.

    Non continuation of regionally competitive energy rates will lead to direct closure of around 30 percent of factories within six months.

    Unless corrected, as of July 1st, 2020, exporting sectors will be charged Rs 24 / kwh as normal B3 industrial tariff instead of Rs 12 earlier and even if RLNG is continued at $ 6.5 /MMBTU this contrasts with $ 3.5 RLNG /Gas tariff for India and Bangladesh. Meanwhile Electricity Prices in India have seen a further drop of 16 percent over the last 2 months while currently averaging about 7.2 cents/kwh for Industry. Energy accounts for 35 percent of conversion costs in the Textile value chain and therefore competitive pricing of exports is very highly sensitive to Energy pricing.

    It had been agreed that Rs 20 billion will be allocated for energy for use in maintaining 7.5 cents / kwh for electricity and $ 6.5 / MMBTU for RLNG/ Gas. The budget however only allocates Rs 10 billion for RLNG.

    Competing countries are already poised to combat highly competitive market conditions through cheaper electricity and gas rates.

    2. Zero Rating/ 17 percent GST

    Continuation of 17 percent GST is not sustainable as by design GST refunds of 5 months remain in pipeline.

    As a result Rs 20 billion per month has shifted from the coffers of the industry to FBR (amounts to Rs 100 billion plus which is in process at all times).

    This has increased the cost of doing business by about 6 percent.

    Sales tax exemption on imports through Bond, EOU & DTRE would be withdrawn immediately.

    17 percent is a very high level incentive to cheat. A lower rate would;

    a) Allow Proper Documentation

    b) Increase FBR Revenue through wider application

    c) Allow organized domestic retailers to compete in the 13 Billion dollars domestic textile market.

    We therefore requested the government to restore zero rating or to reduce sales tax rate to 5 percent across the value chain.

    3. 1.5 percent Turnover Tax/ Minimum Tax

    This tax increases cost of exports by an average 5-6 percent as the tax is levied on the same goods multiple times as it passes through the value chain.

    The Textile Industry works on very slim margins and turnover tax acts as an accelerator to early closure of mills.

    Continuation of 1.5 percent turnover tax in a situation where there will be no profitability is completely unjustified.

    4. MMF & Polyester Staple Fiber

    There is 7 percent customs duty on the import of polyester staple fiber with total import expenses in the range of 20 percent including antidumping duty.

    Polyester staple fibre is a raw material of the industry and as repeatedly committed by the government should not be subject to any duties.

    More than 60 percent of world textile trade is in MMF materials and this duty protection given to obsolete plants in Pakistan is denying the Pakistani industry any chance to compete in this growing majority section internationally or domestically.

    Any protection to domestic polyester plants may be given directly by the government and not at the cost of our country’s economic future.

    5. DLTL

    With refunds of approximately 5 percent due on $ 10 billion exports the quantum of DLTL due will be Rs 80 billion. This was also the amount requested for allocation by Ministry of Commerce.

    The budget has allocated only Rs 10 billion for DLTL. DLTL is a calculation of government taxes component in the cost of exports and if this is not catered for will further weaken our export competiveness.

    6. TUFF

    Rs 4.5 billion are pending under TUFF scheme.

    Whereas amount allocated in this budget for TUF scheme is only Rs 400 million.

    The amounts have been due for the past 7 years and this sort of delay annuls industries’ faith in Government commitments.

    7. New Textile Policy

    Implementation of the in principle approved Textile Policy is required in true letter and spirit for Pakistan to maintain and increase employment and exports.

    It may please be noted that without correction of these issues in the budget proposals, the industry will contract by 30-40 percent and well over one and half million people will lose their jobs.