The newly recommended taxation on cotton trade has been declined by the central executive committee of Pakistan Cotton Ginners Association (PCGA). The proposed taxation has been described as the economic obliteration of ginners. The committee stated that such measures will further damage the already ruined industries.
PCGA authority is expected to persuade the FBR regarding the harmful effects of the new taxation on the ginning industry and other sectors. The devastating floods, the frequent power cuts accompanied with short supply of gas and maximum power tariff had destroyed the industry to a great extent. The proposed taxation will drastically affect the industry.
The manufacturing cost has increased by several folds, which forced Pakistan to quit from the global market competition. Currently, the country is not in a position to compete with other countries like India, Bangladesh, Malaysia, Taiwan and Thailand. There is a necessity to take measures urgently in order to satisfy the requirements of power and gas. The government is expected to ensure continuous supply of power to the ginning industry in Punjab and Sindh provinces of Pakistan in the present peak season.
Fibre2fashion News Desk-India
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