Page 9 - April-May-2020

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According to Mr Abdul Razak Dawood, Advisor to - EFS and LTFF ceiling will be increased by Rs 100 TFF ceiling will be increased by Rs 100
According to Mr Abdul Razak Dawood, Advisor to
- EFS and L
PM on Commerce, govt. is unlikely to achieve export
billion and Rs 200 billion.
PM on Commerce, govt. is unlikely to achieve export billion and Rs 200 billion.
target set for the current FY - DL
target set for the current FY. His earlier projections of . His earlier projections of
- DLTL will continue for five zero-rated sectors.TL will continue for five zero-rated sectors.
$27-28 bn exports, despite govt. subsidies, were - Rs 12 billion in refunds was released under DDT for
$27-28 bn exports, despite govt. subsidies, were
- Rs 12 billion in refunds was released under DDT for
textile and non-textile sectors.
unrealistic.
unrealistic. textile and non-textile sectors.
Road map for remaining refunds of Rs 115 billion
He said that export proceeds in dollar terms
He said that export proceeds in dollar terms Road map for remaining refunds of Rs 115 billion
If all exporters open an account with CDC, FBR will
remained static and blamed the global slowdown for If all exporters open an account with CDC, FBR will
remained static and blamed the global slowdown for
issue promissory notes for sales tax refunds of
the static growth claiming that global trade issue promissory notes for sales tax refunds of
the static growth claiming that global trade
Rs40billion by the end of May
decelerated by 3pc while the price of commodities
decelerated by 3pc while the price of commodities Rs40billion by the end of May. Another Rs 25 billion . Another Rs 25 billion
would be released for the DLTL/DDT schemes till TL/DDT schemes till
also fell by over 7pc amid trade war between China
also fell by over 7pc amid trade war between China would be released for the DL
June 20, 2019. The FBR will also issue promissory
and US.
and US. June 20, 2019. The FBR will also issue promissory
notes of Rs 50 billion having sales tax refunds and
notes of Rs 50 billion having sales tax refunds and
Govt. regarding the issue of pending refunds with the FBR. notes will be of three-year tenure with an interest rate
Govt.
income tax by the end of July 2019. The promissory
income tax by the end of July 2019. The promissory
He has held several meetings with tax officials
He has held several meetings with tax officials
notes will be of three-year tenure with an interest rate
regarding the issue of pending refunds with the FBR.
of 10%. Also, a 5% customs duty to be applied to raw
of 10%. Also, a 5% customs duty to be applied to raw
He added that the FBR wants to restore full sales tax
He added that the FBR wants to restore full sales tax
cotton imports from July 1, 2019.
cotton imports from July 1, 2019.
on the local supply of textile and other four sectors in
on the local supply of textile and other four sectors in
promises omises
pr the domestic market. According to the external trade statistics for the
the domestic market.
According to the external trade statistics for the
month of April, 2019 by PBS, the exports in April, S, the exports in April,
month of April, 2019 by PB
The adviser emphasized the need for increasing tax
The adviser emphasized the need for increasing tax
2019 was $2,094mn (provisional) as compared to
incentives to revenues in the country and added that the 2019 was $2,094mn (provisional) as compared to
incentives to
revenues in the country and added that the
$1,979 mn (provisional) in March, 2019 showing an
$1,979 mn (provisional) in March, 2019 showing an
incumbent government had taken right decisions to
incumbent government had taken right decisions to
increase of 5.81pc but decreased by 1.54pc as
increase of 5.81pc but decreased by 1.54pc as
collect due taxes from all individuals including
collect due taxes from all individuals including
compared to $2,127 mn in April, 2018.
compared to $2,127 mn in April, 2018.
industrialists. He said exports in the value-added
industrialists. He said exports in the value-added
textile
textile sectors have been on a positive trend whereas yarn The exports during July–April, 2018-2019 totaled
sectors have been on a positive trend whereas yarn
The exports during July–April, 2018-2019 totaled
exports fell during the period under review
exports fell during the period under review..
$19,169mn (provisional) against $19,191mn during
$19,169mn (provisional) against $19,191mn during
the corresponding period of last year showing a
PTI has decided to continue providing incentives to
sector to
sector to PTI has decided to continue providing incentives to the corresponding period of last year showing a
decrease of 0.12pc.
decrease of 0.12pc.
the textile industry to boost value added textile
the textile industry to boost value added textile
exports to $30 billion in coming five years. Mr
exports to $30 billion in coming five years. Mr
Main commodities of exports during April, 2019 were
Main commodities of exports during April, 2019 were
Khurram Mukhtar
Khurram Mukhtar, Patron-in-Chief PTEA, confirmed , Patron-in-Chief PTEA, confirmed
impr that a task force led by Dr Salman Shah will formulate Knitwear (Rs34,170mn), Readymade garments (Rs
improve ove
Knitwear (Rs34,170mn), Readymade garments (Rs
that a task force led by Dr Salman Shah will formulate
32,658mn), Bed wear (Rs 25,527mn), Cotton cloth
32,658mn), Bed wear (Rs 25,527mn), Cotton cloth
a plan for the purposal within coming eight weeks.
a plan for the purposal within coming eight weeks.
(Rs 25,208 mn), Cotton yarn (Rs 14,909 mn), T
(Rs 25,208 mn), Cotton yarn (Rs 14,909 mn), Towels owels
He told, “Textile exports in first nine months of the extile exports in first nine months of the
He told, “T
(Rs 9,977 mn) and Made-up articles (Rs 8,112 mn).
(Rs 9,977 mn) and Made-up articles (Rs 8,112 mn).
current fiscal year
static export t current fiscal year, grew 19% in quantity and 3% in , grew 19% in quantity and 3% in Based on the provisional figures of imports and
static expor
value due to the exchange rate adjustment.”
value due to the exchange rate adjustment.”
Based on the provisional figures of imports and
Key incentives
exports the balance of trade in April, 2019 was
exports the balance of trade in April, 2019 was
Key incentives
gr - The special energy package with electricity at (-)2,659 mn US dollars. The balance of trade figures
growthowth
- The special energy package with electricity at
(-)2,659 mn US dollars. The balance of trade figures
cumulative from July
$7.5cents per kWh and gas at $6.50 per MMBtu will
$7.5cents per kWh and gas at $6.50 per MMBtu will
cumulative from July-April, 2018 - 2019 were -April, 2018 - 2019 were
(-)26,302 mn US dollars.
(-)26,302 mn US dollars.
continue for five zero-rated sectors.
continue for five zero-rated sectors.
May/June 2019 May/June 20192020
April/May
April/May 2020