The State Bank of Pakistan (SBP) has started payment of Research and Development (R&D) rebate equal to 6 percent of the fob value of garment exports to European markets. The Garment City Director, Aziz Memon, who is also a leading garment exporter, said on Tuesday that the rebate amount has been transferred to the bank accounts of some 45 garment exporters.
The R&D payment has been allowed on garment export shipments from April this year.
Aziz Memon welcomed the start of R&D payment and said that it would boost garment exports. He has appealed to the garment exporters to complete the procedure at the earliest to claim the concession.
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