Second stimulus package
The Ministry of Finance through a press release on November 25 announced the 2nd Stimulus Package to save the industries suffering due to the world wide economic recession. The export oriented garment manufacturing industry, which was not considered for any stimulus in the 1st package, has been considered under this package for receiving the following benefits:
01. 5% cash incentive was declared to be paid on the export made to non-conventional countries (other then U.S.A, E.U. & Canada) in the fiscal year 2008-2009. Similar incentive was committed to be given in the 2nd and 3rd year @ 4% & 2% respectively.
02. Conditional incentive was likely to be paid to factories exporting less then USD 3.5 million per annum, after the government completes calculation of involvement on this account.
03. Some more benefits to this sector have been pledged.
We, the small manufacturers, are waiting for the implementation of the above announcement made by the government.
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