KARACHI: Federal B Area Association of trade and industry (FBATI) has demanded immediate removal of all taxes and duties imposed on cotton import.
Textile industrialists say that despite large export orders in the country’s value-added textile sector, textile exporters are not able to operate at their full potential due to shortage of cotton yarn.
President FBATI Muhammad Ali said that cotton production has fallen from 15 million bales to 5.5 million bales, with the price of cotton record hike due to a shortage of cotton in the country and exporters face uncertain situation. He said that the government was levying 11% tax on imports of cotton yarn customs duty, 17% sales tax, 11% income tax and 2% additional customs duty.
Copyright Business Recorder, 2021
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