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Aptma slams hike in cotton import duty

Aptma slams hike in cotton import duty

KARACHI: All Pakistan Textile Mills Association (Aptma) has expressed concern over the callous attitude of the government on increasing duty on import of raw cotton from two to three per cent.

In a statement Aptma Central Chairman Tariq Saud said that after adding incidental cost of one per cent the total import duty would rise by four per cent.

He further said an increase of 4pc in cost of imported cotton was being effected at a time when the textile industry was reeling under the effects of crop failure of last season as well as a shortage of energy and other inputs.

Furthermore, the cultivated area for cotton crop this season (2016-17) has been reduced by 25pc, cotton crop yield declined by 33pc in the previous fiscal year because of substandard seed and farmers had switched over to other crops. All this will result in the industry having to import a substantial quantity of yarn.

He said that the value-added textile industry will not be able to compete in the world market if it is forced to pay such high prices for yarn.

Meanwhile, Aptma Punjab Chairman Sheikh Aamir Fayyaz speaking at a press conference at Aptma House in Lahore warned that the association will observe a ‘Black Day’ by closing all units country-wide for one day in the last week of August or first week of September if the rulers do not resolve their problems.

He complained that the government had not met previous demands, which include withdrawal of 4pc customs duty and 5pc sales tax on import of cotton, removal of duties and taxes on man-made fibre import, 15pc regulatory duty on imports of all sorts of synthetic yarn, liquidation of all pending refunds by Aug 31, 2016 and the allocation of Rs100bn on annual basis under the Long-Term Financing Facility (LTFF) to encourage investment.

Courtesy : Dawn News



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