Asking the government not to extend the regulatory tax on yarn exports, the president of the All Pakistan Textile Mills Association (APTMA) said on Thursday that 50 textile units in Pakistan have closed down in the past two months due to the regulatory tax. .
Shahzad Ahmed, president of the All Pakistan Textile Mills Association, said that the extension of the regulatory tax on yarn exports will once again hurt the spinning sector. Duties on yarn exports will end on July 26 and he requested the government not to extend the adjustment duty again.
Shahzad Ahmed said: “We buy cotton from the international market at high prices and add 15% adjustment tax. When we export, our prices are higher than other countries and Pakistani exporters cannot export. Yarn.”
It is reported that the Pakistani government is highly considering extending the export adjustment tax on yarn for another month to August 26. The Cabinet Committee on Textiles will take a final decision next week.
It is worth mentioning that the National Assembly’s Standing Committee on Textile Industry will convene a meeting on July 13 and will recommend extending the export tax on yarn from July 26 to August 26 to ensure that the local market can obtain yarn.
Pakistan’s Federal Textile Industries Minister Rana Farooq Saeed Ahmed Khan organized a committee of textile sector manufacturers and exporters to recommend a new yarn export strategy, however so far nothing has been done make the final decision. The issue will now be discussed with the Federal Minister of Textiles. Representatives of the spinning sector will hold an important meeting with the Minister of Textiles on this issue.
