The existing 11% customs duty on polyester yarn should be slashed to 7% similar to the reduction made by previous governments during their tenures, stressed Pakistan Yarn Merchants Association (PYMA) Central Chairman Saqib Naseem.
“The previous governments offered relief through textile packages which led to improvement in the overall productivity of textile manufacturers and growth in exports,” he said while exchanging views at the Karachi Chamber of Commerce and Industry (KCCI).
He added that the government announced to curb the custom duty to 9% in budget 2021-22 but still the rate is stagnant at 11%.
Similarly, the anti-dumping duty also needs to be abolished in the larger interest of the textile sector otherwise export target cannot be achieved, he said.
The PYMA central chairman pointed out that commercial importers of yarn acted as a bank for small textile firms that could not afford to import yarn and relied on commercial importers to obtain this essential raw material.
Published in The Express Tribune, November 12th, 2021.