Karachi, March 5, 2024 – The Ministry of Commerce in Pakistan has intensified efforts to address the liquidity challenges faced by the textile industry, a key sector in the country, by gathering details of outstanding tax refunds and drawbacks.
Textile, being one of the major components of the Pakistan economy, makes up around 8.5 per cent of GDP and contribute around 60 per cent to the country’s total exports.
The Union of Small and Medium Enterprises (UNISAME) has raised a valid concern regarding the urgent attention required by the government for the automotive and textile industries.
KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn. Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible […]
KARACHI: North Karachi Association of Trade and Industry (NKATI) on Monday appealed the government for allowing immediate release of textile machinery that were stuck up due to import ban. NKATI President Faisal Moiz Khan in a statement expressed deep concern over the non-release of containers of the textile machinery, parts at the ports due to […]
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved withdrawal of regulatory duty and additional customs duty on various textile products. The regulatory duty and additional customs duty have been removed on HS Codes of textile sector, including fibers, yarns and fabrics of Nylon, Viscose, Acrylic, Rayon, Silk, Wool and vegetable based […]
KARACHI: Textile industry has demanded the government authorities of early clearance of raw material consignments that are stuck up due to measures taken for prevention of coronavirus. Zubair Motiwala, Patron of SITE Association of Industry, in a statement on Tuesday appealed the government to allow early clearance of imports consignments containing dyes and chemicals, from […]
ISLAMABAD: Federal Board of Revenue (FBR) has launched mega crackdown against textile and sugar sectors for suppressing sales and evading tax by issuing fake and flying invoices. Sources in FBR told PkRevenue.com on Wednesday that through monitoring of withholding taxes under Section 236G and 236H of Income Tax Ordinance, 2001 it had been observed that […]
ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday.