Pakistan's textile industry is very disappointed with the budget

by:JIYALI     2021-08-18
The All-Pakistan Textile Association (APTA) recently stated that the textile industry has lost all hope of the government's package of policies to help textile companies survive, and the textile industry is very disappointed at present. They said that almost all spinning companies either suffered losses and were unable to return bank loans, or were making unilateral transfers in order to mitigate losses. Therefore, APTA made recommendations, but under such circumstances, the government did not consider the main requirements of the association. .  APTA praised the government for abolishing the electricity load cut. The spinning mill can now operate normally, but the electricity and natural gas costs are too high, resulting in a sharp increase in production costs. They praised the budget for providing some mitigation measures, such as the abolition of business tax and the reduction of PTA and PSF taxes by 2%.   The long-term loan of the Ministry of Industry in 2002 and the repayment in 2005, or the main loan, were converted into repurchasable company securities.   All loan interest rates are reduced to 07% per annum. In addition, power supply will no longer be interrupted and energy prices will be rationalized. They said that an honorary exit strategy was introduced through the bankruptcy law. They said that they are exempt from ESSI tax, EOBI tax, business tax, occupation tax, real estate tax, and so on.   In addition, the federal consumption tax on the banking and insurance industries was raised to 10%, the import income tax was raised to 2%, the cash withdrawal tax was raised to 0.3%, and the general sales tax was raised to 16%. These are not conducive to business development.   The textile industry chain and downstream enterprises need research and development, but the research and development expenses are cancelled, which will have a negative impact on all textile enterprises. APTA calls on the government to take immediate remedial measures to save state-owned assets. Otherwise, the spinning mill will completely collapse. The spinning mill is the main pillar of Pakistan’s economy and employs a large number of workers. The closure of the spinning mill will have negative effects on banks and financial institutions as well as the national economy. Influence.
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