Pakistan'S New Cotton Market Has Increased Year By Year, And The Government Has Cancelled Sales Taxes And Tariffs On Cotton Imports.

World clothing shoes and hats, the Pakistan government abolished sales tax and tariffs on cotton imports in 2018.

The Pakistan government cancelled its application last week since January 8th.

Sales tax and tariff to compensate for the shortage of silver fiber, a key investment in the country's textile industry.

The cabinet Coordination Committee (ECC) approved a proposal at the meeting led by Prime Minister sashid Kagan al Brazil.

It is understood that

It accounts for more than 60% of the total export volume of the country ($20 billion). Since last year, the textile sector has been calling for the abolition of 4% tariffs and 5% sales tax to promote added value.

According to Pakistan media reports, the ECC conference also approved a 1 billion 200 million cubic / day liquefied natural gas (RLNG-III) pipeline project from Karachi to Lahore.

In 2015, the country built its first RLNG plant with a production capacity of 600 million cubic meters per day (mmcfd), and recently increased the same capacity to reduce the gap between 2 billion cubic meters of demand and supply per day.

Although Pakistan is the fourth largest cotton producer in the world, it still relies on imported cotton to meet local demand, with an estimated annual demand of 15 million to 16 million tons.

Cotton production is expected to reach about 11 million 100 thousand packs in the 2017-18 crop year.

In 2017, Pakistan invested 14 billion rupees for the textile industry.

In December 21, 2017, the government paid 14 billion rupees to the textile sector through the State Bank of Pakistan, in accordance with the measures adopted by the Prime Minister of Pakistan.

It is reported that in order to help the industry to compete in the international market and enhance its textile exports, the prime minister launched a package of 162 billion rupees.

A senior official of the Ministry of Commerce and the Ministry of textile industry of Pakistan told the Pakistan news agency that the government also proposed procedures for import textile machinery and tax relief measures to modernize the industry and improve the production capacity of the industry.

2017, then the new cotton market in Pakistan increased year by year.

According to the statistics of Pakistan cotton mill Association, as of January 3, 2018, the new cotton market in Pakistan reached a total of 1 million 888 thousand tons in 2017/18, an increase of 7.16% over the same period last year, with a total processing volume of 1 million 830 thousand tons and a total sales of 1 million 660 thousand tons, of which the exporters purchased 36 thousand and 500 tons, 1 million 625 thousand tons of textile mills were purchased, and 170 thousand tons of unsold stocks were lower than the 201 thousand tons in the same period last year, with a processing capacity of 57 thousand and 100 tons.

In 2017, the Pakistan socks manufacturers and Exporters Association wanted the government to cancel the import duty of cotton yarn.

The Pakistan socks manufacturers and Exporters Association (PHMA) appealed to the government to revoke the tariff of imported cotton yarn.

Previously, PHMA suggested importing raw cotton from India.

It is understood that the sharp rise in cotton yarn prices hit the value-added clothing industry.

According to PHMA chairman Anwar (Khurram Anwar Khawaja), the prime minister announced a package of incentives for textiles in January 10, 2017, including the abolition of tariffs on imported cotton yarn from January 16, 2017.

But this step has not yet been implemented.

According to a newspaper in Pakistan, Anwar called on the government to cancel extra supervision of cotton yarn because cotton yarn should be imported freely from anywhere.

More wonderful information about the world clothing shoes and hats net!