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Full exemption for export profits sought

COIMBATORE: The Chairman of the Apparel Export Promotion Council (AEPC), A. Sakthivel, has appealed to the Union Finance Minister, P. Chidambaram, to restore 100 per cent exemption for the exports profits from the Income-tax Act.

In a memorandum, he said the computation of profits now restricted to 90 per cent of the sum might be treated at par with computation done in the case of export oriented units. He also urged him to accept the proposal made by the European Union for increasing the garment quota limits against India's binding the import tariffs at 20 per cent.

Mr. Sakthivel is confident that garment exports can double to $10 billion in the next three years.

— Our Special Correspondent

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