Pakistan'S Export Regulation Tax On Cotton And Clothing Yarn 15%
The Pakistan textile department (MinTex) may extend 15% of the yarn export regulation tax (RD) for another two months, contrary to the decision announced in the end of July 26th.
According to the proposal, the Ministry of textile industry extended the adjustment tax time to September 27, 2010. For this purpose, the Ministry of textiles is drafting a document.
Originally, 15% of the adjustment tax ended in July 12th, but later extended to July 26, 2010.
The textile department has imposed a 15% regulatory tax, which aims to restrict the export of yarn and encourage the development of value-added textile industry. During this period, the price of cotton and cotton yarn all over the world was soaring.
The spinning industry is extremely disturbed by the development of the situation. They say that if the regulation tax is extended again, the last coffins will be staple to the spinning industry.
According to the industry, the textile department, the president and the prime minister are seriously interfering with the industry. Because of political factors, they are concerned about this problem. Therefore, the export fate of Pakistan's excess yarn will deteriorate.
In addition, they say, the uncertainty of the textile industry at present distorts Pakistan's image as a reliable textile supplier country, and on the other hand, it is not conducive to attracting new investment in the textile industry.
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