Pakistan Cotton Mill Calls For Zero Tariff On Yarn Export

Pakistan Cotton mill Again, it is required to cancel 15% of the yarn export tax. They appealed to the Ministry of textiles to allow export consignment with the approval of a letter of credit or receipt of payment before May 13th, and export at zero tariff.

The spinning factory wrote to the Minister of textiles Rana Farooq Said (Rana Farooq Saeed), prompting him to convene a meeting in Karachi on May 30-31 to study the issue of export tax. They claim that they are exempt from customs duties and tax regulations (DTRE) and manufacturing industry Bonds should not be levied on cotton and yarn export duties.

They also asked for the abolition of the added value. yarn For all taxes, the export tax is equivalent to or higher than 3.5 US dollars per kilogram, and the quantity restriction should also be abolished. At least, compared with the export tax on bath towels and fabrics, the export tax of US $3.5 / kg is quite high, and the export of bath towels and fabrics is not limited by quantity.

According to production enterprises, levying export tax on yarn is punishing, so they refuse to accept export restrictions. The spinning factory insisted that the government should increase the export duty on yarn within 60 days, and the order must be abolished in July 12th.

They were also informed that in the past 21 days, due to taxation, their stock totaled up to US $125 million. Therefore, they were worried that the Ministry of textiles did not seriously consider the request to abolish the export tax on yarn, and the exporters seemed to have to accept the conciliation tax.