Textile Cotton Fabric Exporter

Finance Minister of Pakistan Mr Asad Umar said that the tax reforms strategy will be introduced by the government of Pakistan to increase tax base in the country. Asad Umer said this during the question hour at Senate session, which was held under the chairmanship of Deputy Chairman Mr Saleem Mandviwalla. He said that the new FBR chairman has been appointed and next week a meeting will be held with the FBR officials to discuss implementation of the reforms strategy in Pakistan. He said currently one million people are filling their tax returns and there is a room to further enhance the figure to about three million. The finance minister said that Prime Minister Imran Khan will chair a high level meeting on Monday to discuss issues relating to currency smuggling and money service providers. He said we have to take definite actions before the next meeting of FATF. Asad Umar said the government has decided in principle to launch Diaspora and Sukuk bonds. He said some oth...

9 February 2009 - Prices are now surging in the polyester pipeline in Asia. A lack of supply is boosting PTA prices to strongly higher levels while glycol is also rising. Polyester prices are clearly increasing in China and polyester production is therefore expected rising with a new jump in intermediate prices in the near future, as a result. Optimistic atmosphere is also being fueled by China's new textile plan.

9 February 2009 - India this week decided to subsidize cotton sales to the domestic textile industry. A decisive move which will offer some relief to Indian spinners while possibly putting pressure on international prices. The fate of rapidly rising Chinese reserves will also be key to future price levels on the market. Prices this week further soared in Pakistan where cotton shortage further looms, by contrast.

6 February 2009 - Sri Lanka's apparel exports are being negatively affected by the economic recession in the US and the EU as the domestic currency remained relatively strong in the last months, in addition. Although exports slowed down to the UK in the past year, Sri Lanka did not lose its competitiveness, partly due to its duty-free access to the EU under the so-called GSP-Plus. Brussels just maintained the preferential treatment for a short period of time while reviewing human rights records in the country.