11pc custom duty on polyester yarn be brought down to 7pc: PYMA

Central Chairman of Pakistan Yarn Merchants Association (PYMA) Saqib Naseem has stressed that the existing custom duty of 11 percent on polyester yarn has to be brought down to 7 percent as done in the past when the previous governments provided this much-needed relief through Textile Packages that led to improving the overall productivity of textile manufacturers and also enhanced the exports.

Although the government in this year’s budget announced to bring custom duty down to 9 percent but that stands unchanged at 11 percent. Similarly, the anti-dumping duty also needs to be abolished in the larger interest of textile sector otherwise the export targets will not be achieved due to likely cotton shortages and higher customs duties, he added while exchanging views at a meeting during the visit of PYMA delegation to Karachi Chamber of Commerce & Industry (KCCI).

General Secretary Businessmen Group AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi and the Members of KCCI and PYMA’s Managing Committees were also present at the meeting.

Central Chairman PYMA pointed out that commercial importers of yarn act as a bank for thousands of small-sized textile industries who cannot afford to import huge quantities of yarn but obtain this essential raw material from commercial importers therefore, the importers should be provided relief by reducing the exorbitant duties and duties which have to be brought at par with industries.

He was of the opinion that prices of polyester yarn have risen sharply due to rising oil prices, increase in freight charges and the global shortage of containers. As a result, the textile industry, small and medium enterprises, especially power looms, were suffering due to high costs therefore, custom duties and taxes have to be brought down drastically.

Saqib Naseem further requested KCCI to help in convincing the government to bring down the turnover tax back to 0.1 percent as many people were finding it hard to continue their business with high turnover tax due to limited margin.

He also said that KCCI and PYMA have been enjoying cordial relations and it was heartening to see that many PYMA members have also discharged their duties at KCCI’s Managing Committee from time to time. “All PYMA members will go hand-in-hand with KCCI so that we could collectively work towards not only resolving PYMA issues but also other general issues of the business & industrial community”, he added.

President KCCI Muhammad Idrees stated that the Karachi Chamber gives highest preference to all the issues being faced by PYMA members which were constantly being taken up with relevant ministers, advisors and all the authorities at the federal level. He said that although Finance Minister Shaukat Tarin always agrees to treat commercial importers of yarn and industries equally but the issue of higher duties on commercial importers stands unresolved as probably the bureaucracy was misguiding the minister. This pending issue has to be resolved and the commercial importers have to be provided relief by ensuring availability of a level playing field.

PYMA delegation members also paid glowing tribute to Late Siraj Kassam Teli who always gave special attention and maintained good liaison with PYMA.

Share:
Posted in Article & Features.

Leave a Reply

Your email address will not be published. Required fields are marked *