Latest news with #PakistanHosieryManufacturersandExportersAssociation
Express Tribune
06-08-2025
- Business
- Express Tribune
PHMA urges PM to reverse SRO 1359
Listen to article The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has strongly opposed the recently issued SRO 1359(I)/2025, warning it could cripple the country's largest foreign exchange-earning sector — value-added textiles. According to a statement released on Tuesday, PHMA North Zone Chairman Abdul Hameed wrote a letter addressed to Prime Minister Shehbaz Sharif, demanding an immediate withdrawal of the notification. Issued on July 29, the SRO imposes restrictions on importing cotton and blended yarns, especially in counts between 10 and 40, and reduces the material utilisation period under the Export Facilitation Scheme (EFS) from 24 to 9 months. Exporters say the changes will block billions in sales tax refunds.
Business Recorder
05-08-2025
- Business
- Business Recorder
PHMA calls for withdrawal of SRO 1359(I)/2025
LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has issued a strong protest against the recently issued SRO 1359(I)/2025, warning that it poses a serious threat to the country's largest foreign exchange earning sector — value-added textiles. In a letter addressed to Prime Minister Shehbaz Sharif, PHMA North Zone Chairman Abdul Hameed has called for immediate withdrawal of the SRO and urgent government intervention. The notification, issued on July 29, 2025, makes key changes to the Export Facilitation Scheme (EFS), placing restrictions on the import of cotton and blended yarns — especially yarn counts between 10 and 40, which are essential for manufacturing export-quality garments. The SRO also reduces the allowable time for material utilization from 24 months to only 9 months. Exporters say the changes will block billions of rupees in sales tax refunds and worsen an already tight liquidity situation. 'This is an SOS appeal. We are not asking for subsidies or favours. We are simply demanding the continuation of policies that were already agreed upon after long consultations,' said Abdul Hameed. 'The spinners' lobby is being protected at the expense of national exports. That is unacceptable.' He added that value-added textile exports have already crossed $9 billion in the last fiscal year and remain the backbone of Pakistan's economy. 'Any disruption to this industry will have a direct impact on jobs, exports, and foreign exchange inflows,' he warned. The PHMA said that repeated meetings with government officials, advisors, and economic experts had resulted in an agreement that the import of cotton and blended yarns in the 10–40 count range would remain allowed under EFS. It was also promised that the period of consumption would be extended to 24 months, considering the long lead times involved in international orders. However, the latest SRO contradicts both points. Abdul Hameed stated that exporters now fear serious delays in fulfilling orders, which could result in penalties from international buyers and possible cancellation of contracts. 'We are running production cycles planned months in advance. Sudden policy shifts throw the entire system off balance,' he said. He also demanded that the current system of insurance guarantees under EFS be replaced with bank guarantees, which are standard practice globally and more reliable for exporters. Copyright Business Recorder, 2025
Express Tribune
01-08-2025
- Business
- Express Tribune
'SBP policy decision a blow to recovery'
Listen to article The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has criticised the decision of the State Bank of Pakistan (SBP) to maintain its key policy rate at 11%, calling it a major blow to industrial recovery, export growth and job creation efforts. In a statement on Thursday, PHMA Zonal Chairman Abdul Hameed said that value-added textile export sectors were expecting a long-awaited reduction in interest rate to single digits in light of falling inflation and improved economic indicators, but the SBP's decision deeply disappointed the industry, which was already reeling from high production costs and declining global competitiveness. Abdul Hameed pointed out that continuation of such a high policy rate had no justification when headline inflation had dropped to around 4% and core inflation was showing clear signs of moderation. "Based on the current inflation rate, the policy rate should not be more than 6% and keeping at nearly double that level is stifling industrial potential." He said that the central bank's refusal to bring down interest rate despite macroeconomic stability and declining price pressures was blocking the path to growth as borrowing costs were simply unaffordable for small and medium-sized exporters. High interest rates are choking liquidity, preventing capital investment, discouraging new orders and making Pakistani products more expensive in international markets. Citing an example, Abdul Hameed said that neighbouring countries had already adopted a more pro-growth monetary stance as policy rates in India, Bangladesh, China and Thailand stood well below that in Pakistan.
Business Recorder
18-07-2025
- Business
- Business Recorder
PHMA Faisalabad gets command of zonal office for 5 years
FAISALABAD: Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Faisalabad has been given the command of the zonal office, and for the next five years, the PHMA zone office will be housed in Faisalabad instead of Lahore. A unanimous decision was taken in the extraordinary general meeting of the Pakistan Hosiery Manufacturers and Exporters Association. The special meeting was attended by officials from the Central Office Karachi as well as Faisalabad, Lahore and Sialkot PHMA offices. Senior Vice Chairman Hazar Khan, Chaudhry Salamat Ali, Dr Khurram Tariq, Mian Naeem Ahmed, Khawaja Amjad, Rana Altaf Ahmed, Mian Farrukh Iqbal, Mian Asif Iqbal, Mian Kashif Zia and others participated from Faisalabad. Copyright Business Recorder, 2025
Express Tribune
22-06-2025
- Business
- Express Tribune
Textile industry for adopting proposals
Listen to article Pakistan Hosiery Manufacturers and Exporters Association (PHMA) and Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) have jointly urged the government to consider and implement the textile industry's key budget proposals through the Federal Board of Revenue's (FBR) budget anomaly committee. The demand came during a post-budget meeting of both associations, which was attended by PHMA Chairman Abdul Hameed, former PHMA chairmen Naseer Butt and Shehzad Azam Khan, PRGMEA Chairman Dr Ayyazuddin and former PRGMEA chairmen Ijaz Khokhar and Sohail Afzal Sheikh. Meeting participants stressed that the government must not only examine industry recommendations through the anomaly committee but also implement the committee's final report once compiled. PHMA Chairman Abdul Hameed pointed out that Pakistan's value-added textile, apparel, bed wear, home textile and towel sectors contribute over $11 billion in annual exports and provide livelihoods to millions. He expressed concern over the replacement of the simplified Final Tax Regime (FTR) with the more complex Normal Tax Regime (NTR), which now subjects exporters to both 1% minimum tax and 1% advance tax on export proceeds, regardless of the actual profit. Former PHMA chairman Naseer Butt, while speaking at the meeting, said that dual taxation was counterproductive for an already distressed export sector. He warned that many small and medium enterprises (SMEs) were operating on thin margins and may be forced to close down if the policy was not reversed immediately. Shehzad Azam Khan, also a former PHMA chairman, highlighted the issues of refund delays, rising production costs and inflation. He stressed that exporters were burdened with more taxes than their earnings and demanded that the government urgently facilitate timely refunds and ensure stable energy pricing. PRGMEA Chairman Dr Ayyazuddin, in his remarks, raised concerns over changes to the Export Facilitation Scheme (EFS), particularly the removal of zero-rating on local purchases and the imposition of sales tax on imported cotton yarn. He emphasised that these changes undermine the very objective of the EFS, which was introduced to reduce liquidity pressure and digitise export procedures. Ex-PRGMEA chairman Ijaz Khokhar said that Pakistan's regional competitors like Bangladesh and Vietnam provide tax-free access to raw material for exporters, giving them an edge in international markets. He called for restoring the original EFS framework under SRO 957(I)/2021.
