Page 29 - February-March-2020

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Textile, leather articles sales: FBR Ready for your

starts receiving live transactions future success

Live transactions of finished article sales of leather As specified in rule 150ZEB of Sales Tax Rules 2006
and textiles are being received by the FBR and the the FBR’s system is now ready to receive live sales
PRGMEA wants TDAP to
eligible persons integrating or having already transactions. The software can be downloaded by
integrated their systems with the FBR can now avail eligible registered persons and can integrate all their THINKING AHEAD
of reduced rate of 6 per cent on their sales as already declared outlets with FBR''s system. This is to FOR SUSTAINABLE SOLUTIONS
announced by the federal government. be done by 3rd March 2019, in order to regularize the
continue Pakistan Pavilion at
reduced rate already availed. In case of failure
Effective from 1st July 2018, the federal government differential amount shall be recoverable.
has notified a reduced rate of six pc for finished
MAGIC Show in US
textile and leather articles for those registered The persons volunteering to integrate their systems
persons who are online with FBR''s computerized for availing reduced rate on future supplies and who
system. This system was made operational by fulfil conditions in rules can approach respective
issuing SRO 1360(I)/2018, dated 12.11.2018. As Commissioners for approval in this respect. Websites
many as 75 registered persons are now integrated hosted with a registered domain name have also
Pakistan to boost its exports to the United States
The Pakistan Readymade Garments Manufacturers
with FBR and declaring sales of their 2574 outlets been recognized to be treated as sales made
as well as revive the closed manufacturing
and Exporters Association (PRGMEA) has asked
through this system. through Point of Sale (POS).
the Trade Development Authority of Pakistan capacity,” he said adding that Pakistan's
(TDAP) to continue the Pakistan Pavilion at the competitors including Bangladesh, India, China
MAGIC Show in the United States as per their and Sri Lanka who had continued their pavilions
previous practice and showed their concern over and exporters of these countries were participating %$&( )#&($&(!#
their decision to discontinue it. in this mega textile event. ( '$ ) ' ) ( ) ( & !(#) %!)
FCCI seeks abolition
In a letter to TDAP Chief Executive Arif Ahmed He said that at the MAGIC Show, companies could (! $($&" ) '( '$ ) (#&)
Khan, PRGMEA Chairman Sohail A Sheikh said display all kinds of garments for men, women, '$'# '$ )!(# "&#
that Pakistani value-added textile exporters could juniors and children. From the height of advanced () '"& '$) "'& ) %$&!%")'#) " #)
of duty on cotton yarn
not afford the participation cost due to the high contemporary luxury brands, to the latest trends in '#' "() '& ) "'&( ) ) ) %$&!%" )
participation cost of the MAGIC Show in the US. He fast fashion, MAGIC fuels the business of fashion
said that the local exporters had a keen interest in bi-annually in February and August every year. $ ) '& ) ( )%$) % !)
the fashion marketplace of the US as there was a % '"() ( ' (# ) # ) %!) (& '"#
huge potential for Pakistani-made garments, Sheikh said that MAGIC facilitated connections () '"") () "( #( )
fashion fabrics, home textile fabrics, finished between buyers and brands with services like retail &%)'$ %! ) % ) !& (! % &'%$
The regulatory duty on polyester and cotton yarn
per unit. He expressed optimism that as per the
products and accessories. concierge and matchmaking programmes,
government’s pledge, the issue of outstanding tax
must be withdrawn in the upcoming budget to
strengthen the domestic manufacturing units, urged bridging relationships and strengthening
refund claims, amounting to Rs250 billion, would be
Sheikh said in the letter, “If TDAP continues to offer connections. Additionally, he said retailers and Al Ameen Trading Co. (PVT) Ltd.
resolved by February 15.
Faisalabad Chamber of Commerce and Industry
subsidized booth in the Pakistan pavilion at MAGIC buyers get the opportunities to learn, network, and Korangi Industrial Area
(FCCI) President Syed Zia Alumdar Hussain.
Show, many Pakistani companies will be able to conduct business with new and returning exhibiting Plot No. 28, Sector. 19
Hussain lamented that cotton production had
target the lucrative US textile import industry and brands. 75730 Karachi
dropped by 400,000 bales. To make up for the
Recalling the visit of Finance Minister Asad Umar to
bring large amount of foreign exchange in shortfall, the government has withdrawn the duty on Phone: 0092-21-5070635 - 37
Faisalabad, Mr Hussain pointed out that the
cotton import. “However, the duty on cotton yarn
Pakistan.” He said that Pakistani companies, under the Fax: 0092-21-5055625
minister had assured him of numerous corrective
and polyester still haunts the manufacturers
measures, which would be undertaken gradually, in umbrella of TDAP, should participate in this premier alame@cyber.net.pk
including the power looms.” He noted that
“Moreover, as the US-China trade war could lead to exhibition, helping exporters understand the US
order to step up dwindling exports of the country.
businessmen had been assured of swift resolution
potential industrial growth and the inflow of foreign market and how best to increase buyers to
Appreciating the measures introduced by the
of the issues confronted by the manufacturing
investment into Pakistan. It offers an opportunity for Pakistan. A. Monforts Textilmaschinen GmbH & Co. KG
government, the FCCI president welcomed the
sector. However, he regretted, a powerful mafia was
restoration of advance payment facility and hatching a conspiracy to get regulatory duty Germany | A member of CHTC Fong’s Group
provision of gas at 6.5 cents per million British imposed for vested interests in order to sell locally
thermal units (mmbtu) and electricity at 7.5 cents made polyester yarn at higher rates. www.monforts.com
February/March 2020
January/February 2019