Sales tax on imported cotton to go soon: Aptma

All Pakistan Textile Mills Association (Aptma) Chairman Waqar Monnoo has said that 15 percent sales tax on imported cotton will soon be withdrawn.
He said that the Central Board of Revenue (CBR) had assured Aptma that their point regarding the withdrawal of sales tax on imported cotton was well taken.
"The CBR officials were satisfied with our argument against the 15 percent sales tax on imported cotton and they were convinced that this should be withdrawn immediately," said Waqar Monnoo.
The government had already withdrawn sales tax on ginned cotton, he added.
He appreciated the government's effort for the promotion of textile industry in the country and the incentives it had provided to boost the exports.
Monnoo said the withdrawal of sales tax from cotton might result in additional income of over one billion dollars through exports, as ample liquidity would be available to the exporters.
The textile millers have been complaining that the sales tax on cotton kept their liquidity lock creating liquidity problems for them.