In a recent decision made after a meeting between Pakistan’s Finance Minister, Ishaq Dar and a delegation of the All Pakistan Textile Mills Association (APTMA) led by its Chairman, Tariq Javed, a regulatory duty of 10 per cent has been imposed on import of cotton yarn, greige and processed fabric from November 1, 2015. Other decisions like 1 per cent reduction in Export Re-Finance Facility (ERF) rate and allowing the ginning and spinning sectors to qualify for Long Term Finance Facility (LTFF) were also made. Also, to keep a check on smuggling, committees consisting representatives from industry and Federal Board of Revenue will be constituted at each Regional Tax Office (RTO). Under the Prime Minister’s Kissan Package facility, the cotton growers would be given a subsidy of Rs. 5,000 per acre to enhance cotton output in the country.
