The National Board of Revenue has not extended the reduced income tax rate facility for the readymade garment exporting industry in a bid to check tax evasion through shifting profit from other industries to export earnings, officials concerned said. Taking the advantage of reduced tax rate, the RMG exporters used to show their income from other businesses as income of export earnings to evade taxes as income from other businesses are supposed to tax at regular rate which is now 35 per cent,

Viet Nam has gained a trade surplus of US$1.7 billion for the first eight months of 2014, figures from the General Statistics Office (GSO) show. The figures also showed that the nation incurred a trade deficit, worth $100 million, only in January, and began earning a surplus in February, at $244 million. The surplus reached $1 billion in the first quarter, $683 million in the first four months, $1.6 billion in the first five months and $1.3 billion in the first half. After seven months, t

The share of textiles in total exports of Pakistan increased to 64 percent in July; although textile exports registered a drop of 2.37 percent mainly due to weakening spinning and weaving sectors, textile trade body said on Friday. Exports fell by 7.8 percent in the first month of this fiscal year to $1.929 billion in July 2014 from $2.094 billion in July 2013. The monthly textile exports slid to $1.169 billion from $1.197 billion. All high power consuming sectors, including weaving and spinn

Textiles and apparel export earnings recorded a steady growth in June this year, a Central Bank report revealed last week. The increase in apparel export income had contributed to the growth in industrial export earnings during the month. Industrial income increased by 18.7 percent year-on-year, to US $ 725 million in June due to favourable performance in major export categories such as textiles and garments, rubber products and leather products, the report said. Textiles and garment exp

It's an irony that Coimbatore district, known as the textile hub of the state, faces acute shortage in skilled employees for the textile industry. With more than 9 institutions offering technical training in textile engineering in the city, companies still find it very difficult to get skilled employees."Even though the city has an install capacity of 7 million spindles in comparison to Maharashtra's 4.5 million and Gujarat's 3 million, the textile profession is losing its popularity. In the la

The domestic garment and textile sector has to import a large quantity of cotton as the country's cotton output met only 1 per cent of local producers' demand. Ho Thi Kim Thoa, Deputy Minister of Industry and Trade, told a conference on the garment and textile industry here on Wednesday that the sector lacked cotton because the total land area planted to the crop in Viet Nam was reduced from 30,000 ha to 10,000 ha. Cotton has been the industry's principal raw material, and Viet Nam needs

Pakistan’s textile exports plunged by over 2 per cent in the first month (July) of the ongoing fiscal year (2014-2015) apparently due to the power crisis in the country that affected the industrial production. The country exported textile made commodities worth $1.169 billion during July 2014 as against $1.198 billion of the corresponding month of the previous year, registering a decrease of 2.37 per cent in one year, showed the data of Pakistan Bureau of Statistics (PBS) on Thursday. Thi

Sri Lanka's trade deficit narrowed substantially this year thanks to increased demand for clothing exports to the United States and Europe, the island's central bank said Thursday. Exports jumped 16.8 percent to $5.44 billion in the first six months of calendar 2014 compared to the same period last year, the Central Bank of Sri Lanka said. Imports meanwhile declined 1.2 percent to $8.99 billion compared to the same period last year, the bank said. Overall, the trade gap reduced from $4.

The parliamentary standing committee said no more jute mills would be sold through Privatization Commission. The decision came from a meeting of parliamentary standing committee on textiles and jute ministry at the Parliament building on Thursday. The meeting decided that the ministry would be authorized for selling any jute mills from now on if they need. The parliamentary standing committee, chaired by Saber Hossain Chowdhury, also recommended bringing back the mills which were alread

The garment workers of a factory at Chittagong Export Processing Zone (CEPZ) yesterday staged demonstration protesting a sudden shut down notice of their factory. The Atlantic Garments authorities yesterday hung a notice on the factory gate, stating that the factory would be laid off from September 1, 2014. Around 350 workers of the factory staged a demonstration on the factory premises and abstained from work for an hour protesting the decision. Upon receiving information, police rushe