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Yarn merchants seek KCCI’s help in bringing down duties, taxes

Yarn merchants

KARACHI: The Pakistan Yarn Merchants Association (PYMA) has sought the cooperation of the Karachi Chamber of Commerce and Industry (KCCI) in convincing the government for reducing the duties and taxes and abolish anti-dumping duty on polyester yarn, which is the main raw material for the textile industry and the Small and Medium Enterprises (SMEs), a statement said.

Addressing a meeting on the sidelines of the KCCI visit, PYMA central chairman Saqib Naseem paid rich tributes to Siraj Kassam Teli, founder of the Businessmen Group (BMG), and said that when BMG was formed, he stood by the side of late Siraj Kassam Teli, which was a great honour for him.

The PYMA chairman congratulated BMG chairman Zubair Motiwala, general secretary and the KCCI officials on their uncontested election, and said that the chamber should resolve the problems of the business and industrial community, as it was a strong platform, whose voice is heard by the government officials and institutions.

Naseem requested the KCCI president to take up the issue of excessive taxes and duties imposed on polyester yarn with the federal government, especially reduction in the 11 per cent Customs duty on polyester yarn to 7 per cent.

The government had promised to cut down the Customs duty to 9 per cent in the current financial year’s budget but this promise has not been fulfilled so far.

The PYMA delegation also demanded abolition of anti-dumping duty in the wider interest of the textile sector and, at the same time, said that the previous governments had provided relief to this important industry through textile packages.

On the contrary, under the present government, the industry has been burdened with taxes, he said.

“Commercial importers of yarn act as a bank for thousands of small scale textile industries, which cannot import large quantities of yarn; therefore, commercial importers play a vital role in meeting their production demand and that is why the government should reduce taxes and duties to reduce the cost of production,” he said.

Naseem also demanded the government to reduce the turnover tax to 0.1 per cent, as excessive turnover tax has made it extremely difficult to continue business, compared with the limited profit, which needs to be seriously considered.

KCCI president Muhammad Idrees assured the PYMA delegation of all possible cooperation to facilitate doing business, running industries, and to promote business, industrial activities, as well as increase in domestic exports.

The KCCI president said that the Karachi Chamber would play its due role in resolving the issues being faced by the textile industry and the SMEs and will raise a strong voice in front of the federal government.

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