KCA For Witdrawal Of Duties, Taxes On Import Of Cotton

KCA for witdrawal of duties, taxes on import of cotton

KARACHI, (Pakistan Point News - APP - 30th july, 2016) : The Karachi Cotton Association (KCA) Saturday called for withdrawal of the levy of 3% customs duty, 1% additional duty and 5% sales tax on import of cotton. The KCA, in a statement here, said in view of cotton crop shortfall the local textile mills were "compelled to import raw cotton from aboard to meet their requirements of basic raw material." Due to levy of customs duty and sales tax on import of cotton, it said, the cost of doing business of the local textile mills had increased making them `uncompetitive in the international market'.

In order to make the local textile mills competitive in the international market and ensure their due role in the growth of country's economy, the KCA urged the government to waive all duties and taxes on import of cotton. It would help earn valuable foreign exchange for the country through export of their products, it added.