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Tuesday, November 08, 2011 - 5.25 GMT |
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Issues in the textile industry to be solved
by forth coming budget - Secy to the
Treasury |
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Representatives of the field of textile industry took part in a discussion with the Secretary to the Treasury recently as yet another step of the series of discussions held with various sectors in line with the Preparation of Budget – 2012.
It was pointed out that the textile industry sector does not enjoy the tax relieves as it is classified under the production sector and also issues arise to receive a concessionary interest in obtaining loan facilities from state banks.
It was emphasized that the heavy expenses borne for Quality Certificates which have to be obtained in the exportation process is a hindrance to engage in the trade with other countries competitively.
It was mentioned that an excessive expense is borne by these institutes as the experiments and development programmes required for the industry are conducted by themselves.
It was stated by the Secretary to the Treasury that local products add a great value in the promotion of tourist industry and the government shall provide every possible relief for the development of the said industries. And also, he pointed out if the Textile Industry Sector takes steps to produce creations designed with a local identity befitting to each occasion, it would be a great backing to the upliftment of this field.
The Secretary to the Treasury mentioned that it is expected to solve the issues of this field by the forth coming budget.
A number of high officials of the treasury also look part in this occasion.
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