Pakistan approves new tax policy for textile and other export industries

According to Pakistan’s “Express Forum” report on June 2, Pakistan Finance Minister Dar recently approved new tax policies for Pakistan’s five major export industries. From July 2016, taxes on textiles, leather, carpets, medical equipment, and sporting goods will be taxed. Local purchases are subject to a zero tax rate, but the sales tax at the retail level is maintained at 5%, indicating that the government has taken an important step towards implementing a single tax.

Pakistan Finance Minister Dar said that this move aims to structurally reduce the burden on the export industry from the source. The government will complete tax refunds for textile and other export industries before August 15, and then the tax refund period will be shortened to 2 months. Some members of Congress said that tax refunds in the export industry have become an important source of corruption in the Federal Tax Service and urgently need to be rectified. Nakawi, chairman of the Pakistan Tax Reform Commission, said that the narrow tax coverage and outdated information systems are two major problems facing federal taxation, and the government should prioritize them. Pakistan approves new tax policy for textile and other export industries

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