Recently, the Pakistani government said that the textile policy of 2014 - 2019, which has been implemented for one year, has achieved initial results. Through a series of incentives, the country's textile industry is expected to double its exports by 2019 and create 3 million jobs.
It is reported that the Pakistani government will provide about Rs. 64.1 billion in financial assistance to the textile industry, including tax rebates, tax exemptions, loan subsidies and development subsidies.
Among them, 40.6 billion rupees are used for tax rebates, technology upgrading and brand development, 23.5 billion rupees are used for technology development, product exhibition, construction of world textile center, textile city, breeding center and establishment of textile awards, etc. The discount rate will drop by 2% from the current 7.5% basis, and provide convenience for long-term loans to value-added sectors of the textile industry with interest rate of 9% and service life of 3-10 years. Exporters with a 10% increase over last year will enjoy local tax rebates, including 4% for clothing, 2% for miscellaneous garments and 1% for processed fabrics. The tax-free policy for imported textile machinery and equipment will continue for another two years, and the preferential policy for upgrading and upgrading funds will also continue. In addition, the Pakistani government will set up a joint committee to ensure energy supply for the textile industry.
