Qureshi arrives in China for ministerial moot on Afghanistan
Say industry can export polyester textured yarn to international markets
The yarn manufacturers have urged government to reduce the customs duty imposed on polyester preoriented yarn (POY). In a statement on Monday, the Pakistan Yarn Merchants Association (PYMA) demanded the government to cut the customs duty, sales 5ax, withholding tax on income and abolish regulatory duty and additional customs duty on yarn in budget 2022-23.
In its budget proposals, PYMA Chairman Saqib Naseem and Vice Chairman for Sindh Balochistan Region Muhammad Junaid Teli suggested that customs duty on POY should be slashed from 13% to 7%. “The polyester pre-oriented yarn used for manufacturing polyester textured yarn which is considered separate industries in India, China, Vietnam and Bangladesh’’ they said. “Polymerisation plants require huge capital whereas texturising units can be set up easily by the small and medium enterprises sector”.
In addition, the industry can export polyester textured yarn to international markets as well, they expressed view. According to PYMA’s budget proposals, customs duty levied on polyester fully drawn yarn should be reduced from 11% to 7%. “Similarly, customs duty on polyester texturized yarn should be reduced from 11% to 9% as fabrics made from artificial and synthetic yarns are used by the common man,” they said.
PYMA termed the 2% regulatory duty on polyester spin yarn unfair and proposed its elimination because it is the basic raw material for weaving and knitting industry. Therefore, there is no justification for imposing regulatory duty, they said. They suggested maintaining the sales tax rate at the current level of 17%.
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