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Pakistan reimposes import duty & sales tax on cotton
17
May '17
In view of cotton import in large volumes in recent months, the Economic Coordination Committee (ECC) of the Government of Pakistan has approved reinstatement of import (customs) duty and sales tax on import of cotton. The decision, to be effective from July 15 this year, is expected to result in greater sowing and harvest of cotton in the upcoming season.
 
While customs duty will be levied at four per cent rate, sales tax would be imposed at five per cent rate.
 
“On a proposal by the Finance Division, the ECC approved the restoration of import duty and sales tax on import of cotton with effect from 15th July 2017,” an official statement said.
 
“The decision has been made to boost the confidence of domestic cotton growers during the upcoming sowing season,” said finance minister Ishaq Dar who chaired the ECC meeting.
 
The government has withdrawn levy of import duty and sales tax on cotton import nearly seven months back, after a decline in cotton production last season.
 
Pakistan, which has traditionally been among largest raw cotton exporters, has been importing cotton for the last two years to meet its domestic consumption of around 15 million bales. (RKS)

Fibre2Fashion News Desk – India


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