The government has decided to reduce the rate of tax at source for the readymade garment exporters to 0.80% from the proposed 1.50% for next fiscal year 2016-17 in the wake of hectic lobbying from different stakeholders. The tax rate for jute product exporters may also be set at 0.60% considering the prospect of the industry, said the finance ministry officials. Earlier on June 2, Finance Minister AMA Muhith had proposed to set the tax at source on export to 1.50% from existing 0.60% for a

Contrary to fears of stakeholders, the government is hopeful that overall Britain’s decision of leaving the EU will have zero or nominal impact on Pakistan’s textile exports. Ministry of Textile officials believe that although Britain has announced exit from the EU, but the actual process will be long. British Prime Minister will step down in October, and from October it will take another two years to complete the process, said a high official. He was hopeful that in around two and half years

India’s apparel exports are likely to rise about 20 per cent this financial year, following a number of measures taken by the government to encourage investment and raise foreign shipments. According to trade sources, the ministry of textiles has set a target of $20 billion (Rs 1.35 lakh crore) for the current financial year as against exports of $17 billion (Rs 1.14 lakh crore) in financial year 2015-16 (FY16). Given the sentiments in foreign markets, the target looked ambitious as major imp

Textile machinery manufacturers' body, India International Textile Machinery Exhibitions (ITME) Society, does not see any immediate threat from Brexit, its Chairman Sanjiv Lathia has said. "England is not a big buyer of textile machinery. Textile manufacturing moved away from England long ago to China. So we don't see much impact on Indian textile machinery manufacturing," Lathia said here.