January 24, 2019: The All Pakistan Textile Mills Association (APTMA) Chairman Syed Ali Ahsan has welcomed an export-led and investment-oriented growth package consisting of the initiatives for ease of doing business through Finance Supplementary (Second Amendment) Bill, 2019.
He has expressed the hope that this package would translate into a growth-led revenue generation to overcome the revenue and current account deficit.
He has appreciated both Prime Minister Imran Khan and Federal Finance Minister Asad Umar and thanked both of them for introducing visionary steps to encourage investment and industrialization in the county. It would provide clarity to investors, traders and manufacturers to augment business activity, he added.
He said APTMA has always been an advocate of export-led growth policy and the government has taken steps in the right direction to provide enabling environment. Liquidation of pending refunds of claimants, settlement of Gas Infrastructure Development Cess (GIDC) and lowering of tax burden on manufacturing would go a long 8 way in regaining business confidence.
The announcement of investment measures for Greenfield projects and for the BMR are appreciable. However, he urged the finance minister to also announce eligibility of LTFF to indirect exports. A sizeable investment in greenfield and BMR projects can be immediately realized on this announcement as part of the package, he added.
He has further proposed to announce a long term textile policy and ensure full implementation of the policy to achieve set targets.
He pointed out that the share of manufacturing sector in GDP is 13% whereas the tax collection from it is about 60 percent. Time has come that contribution of tax be spread evenly on all sectors contributing to GDP.
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