FPCCI asks not to impose 2% RD on Polyester Spun Yarn
Karachi: Khawar Noorani, Chairman Standing committee on imports, convener yarn trade committee, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and former chairman Pakistan Yarn Merchants Association) PYMA), has appealed to Prime Minister Imran Khan to withdraw the decision to impose 2% regulatory duty (RD) on Polyester Spun Yarn, urging to save the textile industry from disaster and feared that if relief not provided to deal with the serious economic crisis due to COVID-19 pandemic, the textile industry would on the brink of collapse and traders and industrialists will go bankrupt.
Khawar Noorani, in an appeal to the Prime Minister Imran Khan, said that the textile industries have to rely on imported polyester spun yarn (5509-2100, 5509-5100) to continue production activities as local manufacturers are unable to fulfil demand of industries and even today, local industry makes about 30 to 35% of the yarn’s demand, while 65 to 70 percent of the goods are imported. Despite this, the local manufacturers of yarn have established a monopoly and are taking full advantage of the lack of the government supervision by setting arbitrary prices for yarn.
“The government has put the entire textile industry in jeopardy to benefit the local yarn manufacturers as the local manufacturers are taking full advantage of the imposition of taxes on imported raw materials”, he added.
He said that the local textile industry is facing huge losses due to exorbitant taxes on imported raw materials, although the textile industry is already in a severe crisis due to COVID-19 pandemic and now with a 2% regulatory duty on Polyester Spun Yarn, the textile industry will be completely destroyed.
Khawar Noorani appealed to Prime Minister Imran Khan not to impose 2% regulatory duty on Polyester Spun Yarn and save the local textile industry from sinking. Otherwise, if textile factories closed due to excessive taxes & consequent exorbitant production costs then thousands of workers will lose their jobs.
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