 Online edition of India's National Newspaper Friday, Nov 28, 2008 ePaper | Mobile/PDA Version |
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Tamil Nadu
Drastic changes in tax structure sought Increase duty drawback rates to ease pressure Tirupur: Expectations are soaring high among the textile exporters in Tirupur following the recent announcement of Union Commerce Minister Kamal Nath that a ‘stimulus package’ will be unveiled soon for sustaining exports in the wake of economic slowdown in global markets. Since the ‘ingredients’ of the bailout package are yet to be disclosed, the businessmen are keeping their fingers crossed to know its nomenclature which they hope will help them to waggle out of the financial crisis they are in owing to the recession in US and Europe. The wish-list of exporters includes the need for drastic changes in direct tax structure, service tax and reforms in labour laws. Speaking to The Hindu, K. Swaminathan, president, South India Hosiery Manufacturers Association, said that the depreciation levied on plant and machineries should be raised to 25 per cent for the garment sector. The slab was reduced from 25 per cent to 15 per cent in the Union budget assuming a life span of about 25 years for such equipment. “Considering that the machineries used in the textile industry were predisposed to frequent technological changes, enhancement in depreciation rates is very essential for the exporters to give value-addition to the produces thereby remain competitive in the trade,” Mr. Swaminathan said. The exporters feel that expenses being incurred on sales promotion activities should be taken out of the purview of Fringe Benefit Tax. A. Sakthivel, president, Tirupur Exporters Association, said that exporters should be exempted from the ambit of service tax and a five-year income tax holiday should be announced for textile entrepreneurs, in the wake of the global meltdown.
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