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Related Keywords: cash incentives, driven primarily by surge, first five month of current fiscal year, going up steadily, Pakistan textile exporters association, Pakistan textile exports, raises expectations to touch $13 billion, technological advancement, textile sector heavily banked on energy, textile shipment jumped, trade package, value added textile exports

Pakistan textile exports have been going up steadily, in the first five month (July to November) of the current fiscal year textile shipment jumped 7.66 percent year-on-year to $5.51 billion driven primarily by a surge in value added textile exports. This positive sign raises expectations that full-year proceeds likely to touch $13 billion after a hiatus of two years.

Related Keywords: Bangladesh exporter, BJMA, BTMA, cash incentives, continue special income tax rate, cut down or waive off, dying, for primary textile sectors, higher licence fees, National Board of Revenue, printing and finishing mills, spinning, tax at source on export earnings, weaving

Bangladesh exporters yearn for tax at source on export earnings and tax on cash incentives to be waived or cut down in the budget for fiscal year 2015-16 to make it uniform for all exporters, as it is not a profit of the exporters.

The exporters, textile mills, jute and plastic sectors proposed to the National Board of Revenue (NBR) to cut tax at source on export to 0.30 per cent from existing 0.60 per cent.

Currently, apparel exporters are enjoying 0.30 percent tax rates on export bill while others are paying 0.60 per cent

Related Keywords: cash incentives, credit subsidies, delay the approval, Economic Coordination Committee, future exports and investment, Heimtextil fair, incentive package, Pakistan exporters, Pakistan textile policy, PRGMEA, tax exemptions

Pakistan exporters disappointed with the decision of the Economic Coordination Committee to delay the approval of the second five-year Pakistan textile policy 2014-19 for another couple of weeks, as they were eagerly awaiting cash incentives for their future exports and investments.

The textile policy was originally due in September. The sooner the policy is finalised, the better for the industry and textile exports, as the Heimtextil fair [in Germany] is fast approaching.