Tax rate for TIER-I textile, leather retailers raised to 18% in FY25

MG News | June 12, 2024 at 09:28 PM GMT+05:00

0:00

June 12, 2023 (MLN): The TIER-I retailers in the textile and leather products sector will face a higher tax slab in the upcoming fiscal year (FY25) as the government has increased the tax rate from 15% to 18%.

This proposed tax rate will mainly apply to expensive and branded products textiles and leather.

The budget speech emphasized that this tax is being imposed on the class that can afford to buy these expensive items.

Moreover, it clearly mentioned that this hike would not affect the common man.

To elaborate on the textile industry's performance in Q1 2024, it is worth mentioning the sector grappled with challenges in both domestic and export markets.

Domestically, high energy costs, costly financing, and the imposition of government taxation escalated the cost of doing business.

Additionally, the global economic slowdown subdued demand for textile products in the international market. Accordingly, overall exports of the textile industry remained stagnant.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	166,242.90 704.43M	1.49% 2436.69
ALLSHR	101,132.82 1,476.65M	1.29% 1287.02
KSE30	50,886.61 318.61M	1.52% 762.76
KMI30	241,116.65 128.48M	1.08% 2586.15
KMIALLSHR	66,519.44 717.61M	0.94% 621.34
BKTi	47,711.07 207.32M	2.87% 1330.11
OGTi	32,418.62 12.56M	1.76% 561.21

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,490.00	111,850.00 107,690.00	4815.00 4.51%
BRENT CRUDE	60.82	61.55 60.07	-0.47 -0.77%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.50 -1.83%
ROTTERDAM COAL MONTHLY	92.75	92.75 92.75	-0.25 -0.27%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	56.80	57.43 55.96	-0.35 -0.61%
SUGAR #11 WORLD	15.64	15.78 15.51	0.14 0.90%