GEO 436 LAHORE: Chairman of All Pakistan Textile Mills Association (APTMA) Punjab Gohar Ijaz said the thread-making companies will be burdened with an additional cumbersome Rs20 billion with 15 percent duty on the yarn exports, Geo News reported Monday. Talking to Geo News, he said the promulgation of the duty on the yarn exports will ensue in the loss of Rs4 billion and a loss worth Rs16 billion would be incurred by reducing its price at local level. Ijaz said the yarn's monthly production is 240,000 tonnes and its consumption stands at 180,000 tonne; thus, an average 56,000 out of excess 60,000 tonnes of yarn is being exported every month. The APTMA official said why not even a tonne of yarn was imported if the country has run short of yarn, adding in contrast, an average 55,000 tonnes of yarn was exported during the last five years. He added the government annually earns $1.5 billion on yarn exports. Ijaz further maintained that the export orders have stopped short spurred by the competition, as 15 percent duty is transferred to the buyer at the international level. Meantime, value-added sector's Coordinator Javed Balwani told Geo News that yarn could not be imported, as it was not available at international market.
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