Pak PCGA rejects 1.5% turnover tax on cotton by-products
18 Dec 20 1 min read
Rejecting the 1.5 per cent turnover tax on cotton by-products, the Pakistan Cotton Ginners Association (PCGA) recently said the step will force ginners to shut down businesses. Despite assurance by the Federal Board of Revenue and other authorities, the government has not taken any step to withdraw the tax on cotton byproducts, PCGA president Jassu Mal said.
In a statement, Mal said this step will immediately increase input costs of cotton farmers, which will further discourage them as they are already under much pressure.
He said cotton production has already declined from 15 million bales to 5 million bales and if further imposition of taxes continues, the production will be terribly hit, according to Pakistani media reports.
Due to the decline in cotton production, Pakistan is spending an additional $300 million on importing raw cotton, he added.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
In a statement, Mal said this step will immediately increase input costs of cotton farmers, which will further discourage them as they are already under much pressure.
He said cotton production has already declined from 15 million bales to 5 million bales and if further imposition of taxes continues, the production will be terribly hit, according to Pakistani media reports.
Due to the decline in cotton production, Pakistan is spending an additional $300 million on importing raw cotton, he added.
Fibre2Fashion News Desk (DS)
Popular News
|
Puma announces leadership changes in Central Europe & UK Divisions |
|
NCTO outlines steps for US to reverse fall in textile manufacturing |
|
USDA predicts surge in global cotton supply for 2024-25 season |
|
Kasturi Cotton program revives India’s historic cotton legacy |
|
Cotton yarn market bearish in north India; prices down in Ludhiana |
|
China's e-commerce logistics sector sees growth in April 2024 |