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Turkey to hike tax on imported polypropylene
10 Sep '12
1 min read
The Turkish Cabinet has decided to increase tax on imported polypropylene to 4.8 percent by 2012-end, from the existing 3 percent. The Government has also decided to further increase the tax to 6.5 percent by 2013-end.
Last year, Turkey imported US$ 1.8 billon worth of polypropylene, which is used in textile and other sectors, mainly from India, Iran, Thailand, Saudi Arabia, Egypt, Qatar, Ukraine and Azerbaijan.
The latest decision to hike tax on imported polypropylene is bound to impact Turkish textile sector and is likely to reduce its profit margins.
Fibre2fashion News Desk - India
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