LAHORE: Six percent duty on import of Polyester Staple Fibre (PSF) has ruined the textile industry. It becomes uncompetitive when incidental charges are added to the import duty, said All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer. He said regional competitors are offering duty drawbacks besides rebate to their textile industries, as a result of which textile exports from Pakistan have become 18% more expensive due to higher domestic polyester fibre price. He pointed out that the world dependence on polyester is around 70% at present against 19% in Pakistan. He said, unlike India, China, Bangladesh and other competitors, there is also no duty drawback in Pakistan, as a result, the import of PSF yarns into Pakistan has also started in huge quantities. He urged the government to remove 6% duty on PSF import. “Any increase in the duty on PSF in the forthcoming budget would be detrimental to the textile industry and will have serious repercussions,” he added.
Published in The Express Tribune, May 14th, 2015.
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