MULTAN: Pakistan Cotton Ginners Association has demanded from the government to increase the import regulatory duty of thread and silk cotton. Chairman Pakistan Cotton Ginners Association Haji Muhammad Akram was talking to media along with Shehzad Ali Khan, Sohail Mehmood, Sheikh Asim Saeed and Riaz Hussain Qureshi that government should increase the import regulatory duty on cotton yarn from 5 percent to 15.
Government should immediately release the SRO for withdrawal of sales tax on Cotton seed and increase import regulatory duty on cotton yarn in order to protect the stake of the local cotton industry he added. The increase in import duty taxes will be beneficial for the national exchequer; this step would overcome the hurdles of cotton cultivators, and the ginners associations in current crisis.
Shehzad Ali Khan said that the influx of cotton reached up to 14.435 million of cotton bales till February. The current cotton statistics has show an increase of almost 10.19 percent in import of cotton as only 9.32 million cotton bales were imported in last year in the same period.
