Pakistan officially announces “export gift package”

According to local media in Pakistan, Pakistani Prime Minister Nawaz Sharif has officially announced the government’s “export gift package”. The export stimulus plan with a total value of 180 billion rupees (previously proposed amount of 75 billion rupees) will be implemented from January 1, 2017 to June 30, 2018 (a period of 18 months). According to the latest data, tax rebates are 4% for yarn and gray fabrics, 5% for processed fabrics, 6% for domestic knitwear, and 7% for the garment industry. In addition, the government has exempted cotton import tax and textile import machinery sales tax. The government stated that the terms of the plan will be implemented without any conditions for the first six months. After six months, the policy will be subject to official announcement of export growth. Pakistan officially announces “export gift package”