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.
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.
Advertisement
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
|
|
Germany's BASF offers sustainable polyamides for textile industry |
|
|
China, Australia deliberate FTA execution: Reports |
|
|
Chinese firm to set up $27.8 mn sock manufacturing plant in Bangladesh |
|
|
Cotton yarn prices ease in north India, steady in Panipat |
|
|
UK manufacturing sector sees improved sentiment in April: CBI |
|
|
Vietnam's silk exports to India reach $110 mn in 2023 |
