Export stimulus policies promote improvements in Pakistan’s textile industry
According to a report by Pakistan’s “Business Record” on February 13, the export stimulus policies implemented by Pakistan’s current Prime Minister Abbasi and his economic team have played a positive role in boosting the national textile industry. According to reports, textile industry exports in December 2017 were US$1.132 billion, an increase of 10% compared with the same period in 2016. The overall exports of the textile industry in the first half of this fiscal year reached US$6.642 billion, an increase of 8.07% compared with the same period of the previous fiscal year. Exporters said that factors such as the government’s policy to encourage the flow of export funds, the sales tax refund policy and the depreciation of the rupee have stimulated export growth. According to reports, Abbasi launched a revised version of the prime minister’s stimulus plan through the Cabinet Economic Coordination Committee at the beginning of taking office. According to the new policy, the government will unconditionally exempt exporters from paying 50% of local taxes, and the remaining 50% will be refunded if the export volume of the exporter this fiscal year increases by more than 10% year-on-year. Officials said that after the promulgation of the new policy, the sales tax refund situation has improved significantly, and a tax refund of 16.5 billion rupees has been achieved. In addition, the government has also implemented measures to facilitate administrative approvals such as rapid response mechanisms to speed up administrative efficiency. All political and business circles said that the stimulus policy has promoted the improvement of Pakistan’s economic field, especially the textile industry. Export stimulus policies promote improvement in Pakistan’s textile industry
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