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HomeNews & ViewsBusiness FocusRs 6.2 Billion refunds for The Textile Sector Released by Pakistan Government

Rs 6.2 Billion refunds for The Textile Sector Released by Pakistan Government

textile-industry-of-pakistan-2-638Pakistan’s government has announced an additional 6.2 billion Rs refunds to help its textile industry that was hit badly by the country’s COVID-19 outbreak. The money was released under the government’s local tax and levy drawback (DLTL) scheme to encourage exporters.

During FY20 the cumulative amount released under the scheme reached Rs 51.2 billion with the release of additional money. The government hopes this will solve its exporters’ liquidity problems and enable them to continue their exports through investment.

Pakistan’s exports including the textile industry have been seriously affected by the outbreak of the pandemic, partly due to the closure of production units during the lockdown period and partly due to the decline in demand for Pakistani goods on the international markets. The government had released Rs 20.5 billion DLTL refunds for the textile sector earlier in April to help industrialists pay duties to their workers during the pandemic ‘s closure of factories.

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