ISLAMABAD: The government has partially withdrawn some of the incentives provided under the textile package, some four months ago to order to support the export sector. Moreover, the government has imposed taxes and duties on import of cotton from July to generate Rs10b in revenue.
On a proposal by the Finance Division, the Economic Coordination Committee of the Cabinet (ECC) approved the restoration of import duty and sales tax on import of cotton with effect from July 15, 2017.
The ECC also approved to double the export quantity of fertiliser to 600,000 metric tons in order to clear excess of the commodity resulting from manufacturing and excess imports. It also approved a Ramazan package to provide subsidy on 19 essential commodities.
