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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,135
6324hr
Pakistan Cases
1,221,261
2,51224hr
4.4% positivity
Sindh
449,349
Punjab
420,615
Balochistan
32,722
Islamabad
103,923
KPK
170,738

KARACHI: Hanif Lakhany, Vice President FPCCI, Senior Vice Chairman PYMA and Farhan Ashrafi, Convener FPCCI Yarn Standing Committee, Vice Chairman PYMA have demanded that the duty structure be changed as announced in the budget document so that industries could create vast employment opportunities.

They demanded this while addressing the 1st meeting of the FPCCI Standing Committee on yarns. They said that in the budget speech 2 percent (pc) customs duty on filament yarn, 2pc additional customs duty reduction and abolition of 2.5 pc regulatory duty were announced, but unfortunately, all the recommendations of the Commerce Division were ignored, and without Stakeholder consultation, anomalies committee’s recommendations were made part of the budget, which is unacceptable.

“In case of non-reduction of duties and non-abolition of duty, the rate of duty on cloth & yarn will be the same. As a result, the textile industry is feared to be shutdown, while the 7pc gap was not maintained under cascading,” they expressed concern.

Khurshid A Shaikh, member committee & former central chairman PYMA, said that user industry of yarn sector is facing big loss as the cotton production is very low. Fiber & Yarn are two major sectors who can boost the Textile Sector of the country.

President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Nasir Hayat Magoon questioned the appointment of Sultan Ali Allana as chairman of the Senate Standing Committee on Budget Anomalies, while expressing deep concern over decisions by committee before conducting meeting, which is beyond comprehension.

Nasir Hayat Magoon pointed out in a meeting of budget anomalies committee headed by Sultan Ali Allana (HBL), why a meeting is convened when decisions have to be made in advance.

He said that decisions are being imposed without consultation, which is a total injustice. However, decisions should be taken in consultation with FPCCI and other stake holders.

M Usman said that Nylon Yarn & Viscose Yarn are major issues. We request Nasir Hayat Magoon, President FPCCI & the government to resolve the issue of tariff over yarn & fiber.

Hafeez Aziz, Chief PCLC, said yarn traders are facing a lot of problems at different stages and they don’t get refund for many years. In exports, yarn traders play a major role but they suffer much. He observed that turnover tax is a big fraud imposed by FBR. They always keep yarn traders in darkness and always demand tax more than income from traders.

Junaid-ur-Rehman, member managing committee of KCCI & chairman standing committee on Law & Order, said that we should also discuss issues of cotton yarn and government policy for raw material of cotton must be Pro-Business & Industry.

Muhammad Hussain Moosani, observed that government and FBR always talk about subsidies and not issues. He further said that quantity of seed is a major issue and we should improve the quality of Cotton Seed another issue is non–availability of quality fertilisers and pesticides.

Copyright Business Recorder, 2021

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