ISLAMABAD: Finance Minister Mohammad Ishaq Dar held a series of meetings with representatives of APTMA and Value Added Sectors. After in-depth deliberations, it was decided that regulatory duty @ 10% shall be levied on import of cotton yarn and grey and processed fabric with effect from 1st November, 2015.
Export Re-financing Facility (ERF) rate shall be reduced by 1% (100 basis points), Ginning and Spinning sectors shall qualify for Long Term Finance Facility (LTFF), tate of LTFF shall be reduced by 100 basis points. While to resolve the issue of pending sales tax refunds, committees consisting of representatives from Industry and FBR shall be constituted in each Regional Tax Office (RTO). Efforts shall be enhanced for prevention of smuggling.
Representatives of the textile industry thanked the Finance Minister for the steps announced and assured they would extend support to the government in its efforts for promotion of tax culture and enhancement.
