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Pakistan's NTC mulls customs duty hike on PTA
16
Jun '15
Pakistan’s national tariff commission (NTC) has initiated an inquiry on import of pure terephthalic acid (PTA) in order to increase custom duty from four to five per cent, say media reports.

According to details, the applicant, M/s Lotte Chemical Pakistan Ltd, a manufacturer of PTA, approached the NTC and requested to increase the customs duty on the import of PTA from four per cent to five per cent.

The request is based on the grounds that the applicant is the only manufacturer of PTA in Pakistan. At present PTA is subjected to customs duty of four percent, which does not provide the required protection to the domestic industry, as the landing cost of imported PTA decreased during 2014.

The industry margins at international prices of PTA and its raw materials have significantly declined due to huge oversupply of PTA in Asia.

New production capacities installed in China, India and other countries are based on the latest technology and have much lower cost of production, which have contributed towards reduction in industrial margins, which are not likely to return to previous level in the short term. On the other hand, the conversion cost of the PTA has increased due to increase in the energy cost.

According to a public notice dated June 11, 2015, NTC has initiated an inquiry and would welcome views, suggestions and proposals from all parties having an interest in the business relating to or associated with the exports, manufacturing, marketing and use of PTA. A public hearing on the issue is scheduled to be held on June 22, the reports said. (SH)

Fibre2fashion News Desk – India

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