Saturday, June 25, 2011

Duty drawback scheme ends on 30th

KARACHI: Secretary Ministry of Textile Industries Shahid Rasheed has said that drawback on local taxes and levies (DLTL) scheme is being scrapped from June 30.

However, he assured the textile exporters that the ministry of finance had been approached to release funds for the textile sector against duty drawbacks and other heads.

Addressing a meeting with stakeholders at Towel Manufacturers Association of Pakistan (TMAP), Rasheed said that Rs24 billion is stuck up on account of duty drawback and efforts are being made to get at least a part of amount released by the ministry of finance so that the textile sector gets some relief.

He said that efforts are on to release amounts remained stuck against DLTL also.

Chairman TMAP Syed Usman Ali pointed out that about Rs14 billion to Rs18 billion was stuck with the government under DLTL. Ali said that because of this a number of big textile houses were facing financial crunch and if they collapsed could never be revived again.

He warned that if the government does not come forward to announce a textile package, the largest employer and foreign exchange earning sector of the country would be ruined. 


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