Home / Knowledge / News / Textiles / Pak PYMA decries 2.5% additional regulatory duty on yarn

Pak PYMA decries 2.5% additional regulatory duty on yarn

19
Jun '20
Pic: Shutterstock
Pic: Shutterstock
The Pakistan Yarn Merchants Association (PYMA) recently expressed its frustration at the government for not offering relief on imported raw materials to the textile industry and small and medium enterprises (SMEs) in the 2020-21 budget. Association chairman Danish Hanif also termed the imposition of a regulatory duty of 2.5 per cent on raw materials ‘disastrous’.

Hanif urged the government to provide equal business opportunities based on a uniform policy for the export, import and industrial sectors.

Around 70 per cent of the need for polyester filament yarn (PFY), an important raw material for weaving, knitting and home textiles, is met by imports. PFY was subjected to a higher customs duty of 11 per cent and additional customs duty of 2 per cent and PYMA has been opposing this for three years. However, it has not been abolished, he was quoted as saying by Pakistani media reports.

PFY was subjected to anti-dumping duty ranging from 3.25 per cent to over 11 per cent for imports originating from China and Malaysia. The protection offered to domestic manufacturers was already excessive, and with further imposition of 2.5 per cent regulatory duty in this budget, it would be grossly unjust and a disincentive for exports and industrialisation, Hanif said.

The proposal for a 3 per cent value-addition tax on commercial importers of PFY at the import stage is a very harsh and unrealistic tax and would end up increasing the cost to the SME sector, he added.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Oct 2020

Ascent to full recovery likely to be long, uncertain: IMF

The ascent to a full economic recovery will likely be long, uneven...

Pic: Shutterstock

Textiles | On 28th Oct 2020

Pak trade bodies demand duty-free cotton yarn export

Pakistan's value-added textile exporters have urged the government to ...

Pic: Shutterstock

Retail | On 28th Oct 2020

C&A avoids over 116,000 metric tons of GHG emissions

During 2019, C&A avoided more than 116,000 metric tons of greenhouse...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Wearables have very limited reach

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Madhu Sudhan Bhageria,

Madhu Sudhan Bhageria

Incorporated in August 1990, Filatex India Ltd manufactures manmade...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search