Higher duties on PFY result into decline in exports: PYMA

ISLAMABAD: Muhammad Hanif Lakhany, unopposed Chairman, Pakistan Yarn Merchants Association (PYMA), has said that Polyester Filament Yarn (PFY) is a basic raw material of textile industry and SMEs but carries higher duties which results into decline in exports & ultimately revenue generation.

While addressing in the 60th annual general meeting of PYMA on Saturday, he said that PYMA members are facing three crucial issues for last many years, namely antidumping and regularity duty on filament yarn, negligible duty drawback on Filament Fabric export & Smuggling of Goods. 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, 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 & order, utilities, sewerage issues of market area will be closely monitored & resolved and representatives of textile related markets will also be invited & consulted whenever necessary.

In the AGM, Saqib Goodluck, SVP Karachi Chamber of Commerce & Industry, A. Qadir Bilwani, VP SITE Association of Industry, S. M. Alam, Chairman Old City Tajir Ittehad, M. Usman, Danish Hanif, Khurram Bharara, M. Aslam Moten, M. Shafi, Saqib Naseem, Sohail Nisar, Junaid Teli, Rizwan Diwan, Adnan Riaz, Altaf Haroon, Samad Gaba, Noman Ilyas, Fiaz Ahmed, Ather Battla, Jawed Khanani, Naeem Manno, Abdul Jabbar Usman, Ahmed Munaf, Tanveer Pasha, Asif Ashfaq, Shahid Iqbal, Furrakh Anis, Fawad Iqbal, Abu Bakar Zakaria and others members were also attended the meeting.

Copyright Business Recorder, 2020