The Pakistan Yarn Merchants Association (PYMA) has asked that the tariff structure, as outlined in the budget paper, be modified so that industries can create a large number of job opportunities.
Members of the PYMA, FPCCI, and Yarn Standing Committee sought a decrease in customs tax on filament yarn. They said that if no tariff reductions were achieved, the textile sector would be forced to close. They were particularly alarmed by the nomination of Sultan Ali Allana as head of the Senate Standing Committee on Budget Anomalies only days before the meeting.
In a meeting of the budget anomalies committee, Magoon questioned why a meeting is held when conclusions are decided in advance. He stated that decisions are being forced without consultation, which he believes is completely unjust. According to PYMA head M Usman, nylon yarn and viscose yarn are big concerns. He asked the administration to settle the tariff problem with yarn and fibre.
According to the PCLC’s CEO, yarn traders face several issues at various stages and have been denied reimbursements for many years. According to him, the Federal Board of Revenue (FBR) usually keeps yarn dealers in the dark and always wants more tax than income from traders. Junaid-ur-Rehman, a KCCI member, stated that government policy for cotton raw material must be pro-business and pro-industry.
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