The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated the government decision to consider withdrawal of 5 per cent sales tax on the import of cotton, terming it in line with the demand of the textile sector. Its president Mazhar Ali Nasir said cotton production is far behind consumption requirement for the third consecutive year.
The industry is, therefore, compelled to import cotton, Pakistani media reported quoted him as saying.The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated the government decision to consider withdrawal of 5 per cent sales tax on the import of cotton,terming it in line with the demand of the textile sector.Its president Mazhar Ali Nasir said cotton production is far behind consumption requirement for the third consecutive year.#
Due to high business costs and inadequate supply of raw cotton, almost 140 textile mills closed operations and a million jobs were lost and around 75-80 mills are on the verge of closure, he added. (DS)
ALCHEMPro News Desk – India
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