The Ministry Of Textile And Textile Industry Will Extend The Export Tax On Cotton Yarn By 15% For 2 Months.
Pakistan business records reported on July 4th.
Well-informed person
It is said that the Ministry of textile industry of Pakistan intends to extend the policy of levying 15% regulatory tax on cotton yarn exports for 2 months to September 27th, which is due to expire in July 26, 2010, so as to facilitate the smooth acquisition of raw materials from the high value-added textile sector in the context of rising global cotton and cotton yarn prices.
The Pakistani textile industry is deeply disturbed by this, saying that the extension of the policy may make the spinning industry on the road of no return.
The textile industry believes that due to the snowstorm this year, China's cotton production will continue to be high. The price of the world's cotton and cotton yarn will remain high in the first quarter. It is suggested that policymakers and textile related departments and people should formulate a joint strategy as soon as possible to avoid the continuous crisis.
Analysts believe that the most effective way is to give high value-added textiles to the government.
Financial support
To offset the impact of domestic and foreign high cotton yarn prices.
(Ministry of Commerce)
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