KARACHI: Muhammad Hanif Lakhany, Chairman Pakistan Yarn Merchants Association (PYMA), has said that Polyester Filament Yarn (PFY) is a basic raw material of the textile industry and SMEs but carries higher duties which result in a decline in exports and ultimately revenue generation.
While addressing in the 60th annual general meeting of PYMA, he said that he said that PYMA members are facing three crucial issues for the last many years, namely anti-dumping and regularity duty on filament yarn, negligible duty drawback on filament fabric export and smuggling of goods. The smuggling of filament yarn goods from illegal channels also gives a negative impact on the local market and due to its increase, we all suffer.
Muhammad Farhan Ashrafi, Vice Chairman, urged to increase membership of our association and said that for Filament Yarn exports duty drawback, the rebate is only 1.12pc on FOB whereas if we calculate against duty and taxes paid at custom on Raw materials of export works out to 6pc of FOB.
This rectification will result in export growth in synthetic textiles. He added that issues such as taxation, law and order, utilities, sewerage issues of the market area will be closely monitored and resolved and representative of textile related markets will also be invited and consulted whenever necessary.
Govt to reduce higher duties on PFY basic raw material of Textile industry: Lakhany
Huge duties on PFY causes a decline in exports and revenue generation: Ashrafi
Karachi: Muhammad Hanif Lakhany, unopposed Chairman, Pakistan Yarn Merchants Association (PYMA), has said that Polyester Filament Yarn (PFY) is a basic raw material of the textile industry and SMEs but carries higher duties which result into a decline in exports and ultimately revenue generation.
