Karachi, March 19, 2020: Shaikh Shafiq Jhokwala, Chairman (Central) and Amir Amin Kothawala, Chairman (SZ), Pakistan Readymade Garments Manufacturers and Exporters Association appealed to the Prime Minister of Pakistan that Under the Current circumstances of global challenge of CORONAVIRUS, readymade garments manufacturers and exporters are going to face the greater challenge of raw material procurement. Massive break down in supply chain of raw material and exports to buyers across the globe is anticipating.
Being an effective business community of Pakistan readymade garment and textile sector are standing behind our govt. however, severe liquidity issue needs a prompt support from the government.
They emphasized for issuance of all outstanding refund payment of textile exporters pending with Sales Tax, Custom Duty Drawback, Income Tax, Income Tax credit (u/s 65B&E) regime along with textile policy incentives (such as Duty Drawback of Taxes, Technology Up gradation Fund (TUF) and mark-up support subsidy to run the backbone industries
Moreover, they humbly requesting concern ministry to direct SBP and FBR to accept all the time barred cases of DLTL cases under the NOTIFICATION No. 1(42-B)T|DI18-TR-11 and release the funds to the exporters.
Interest rate should be further reduced as only 0.75 reducing is only a joke to deal with economic crisis, it should be bringing towards the single digit, they added. This support shall help the exporters to carry out the production and keep the momentum of exports in this difficult prevailing situation. Otherwise, this will lead towards a huge unemployment level may increase due to the liquidity issue.
