In Federal Budget 2014-15, the government had levied one per cent import duty on cotton. This was followed by another one per cent duty in Federal Budget 2015-16 along with sales tax at five per cent. One per cent additional duty on import of cotton was imposed again through SRO 1178(I)/2015 dated November 30, 2015, taking the total duty to three per cent.
The Federal Budget 2016-17, to be implemented with effect from July 1, 2016, further increased custom duty by one per cent while keeping the one per cent additional duty intact, thus bringing the total duty to four per cent, APTMA chairman Tariq Saud said in a statement.
“This (1 per cent increase in duty) has come at a time when the textile industry is reeling from the effects of a total crop failure in the country. Production of cotton declined by almost 35 per cent,” Saud said.
Cotton is the basic raw material for the spinning industry, and it constitutes around 70 per cent of the total raw material cost. So, taking account of the current situation, the government must immediately restore the free trade regime in cotton trade, the statement said. (RKS)
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