Dr Mirza Ikhtiar Baig, Federal Advisor on Textiles, has welcomed notification relating to withdrawal of custom duty on import of textile machinery and equipment through SRO No 1/2009 dated 19th September 2009. Although import of textile machinery has been made zero rated in the Textile Policy announced but the Finance ministry intended to withdraw the custom duty from 1st January 2010 in view of revenue targets.
It may be noted that Dr Baig had been calling on both finance minister and Chairman FBR to explain that the industrial growth was impossible unless custom duty on textile machinery was withdrawn which would provide much needed job opportunity in the country. Dr Baig had advised all importers of textile industrial units to register themselves with the Ministry of Textile Industry under their respective HS Code. He said this facility was not applicable on the machinery, which were locally manufactured.
Dr Baig had thanked Finance Minister Shaukat Tareen for ensuring the issuance of SRO. He also thanked Chairman FBR and Member Custom for expediting the process and issued the notification before Eid to save heavy demurrage on the textile machinery already arrived at the port. Dr Baig also thanked President and Prime Minister of Pakistan for their support to the textile industry and expressed the hope that the ailing industry would be revived with these incentives.