Burden of taxes, Textile industry reached the brink of destruction

Karachi,
July 12, 2019 (PPI-OT): Khawar Noorani, Ex-Chairman, Pakistan Yarn Merchants
Association (PYMA), requested to Prime Minister Imran Khan to Save Industries
from destruction and demanded to reduce Taxes on Export Oriented Industries. In
a statement, Mr. Noorani said that, Businessmen and Industrialists were very
hopeful that Imran Khan, as a Prime Minister, took steps for development of
Trade and Industry, which will move the Country on track of the Economic growth
and Prosperity, But Prime Minister, Imran Khan made all his promises forgot.

Mr.
Noorani said, due to Heavy Increase in Taxes, The Textile sector, which is back
bone of Economy, has reached the brink of disaster. Due to imposition of 17
percent Sales Tax, it’s impossible to Continue Productive activities for Export
Oriented Industries. He further said, due to Closure of Industries, Small and
Medium Industries (SMEs) will also finished and we face Flood of Unemployment.

He
asked, if a factory fire 300 Workers, How the Unemployment will be controlled?
“If the Business and the Industry Continuously Shutdown, How and Where,
Government collects revenue”, he said. Khawar Noorani demanded Prime Minister
Imran Khan, to minimize the tax rate on Export Oriented Industries, including
textile Sector, also urged to eliminate the differences between commercial
importers of Raw Material and Manufacturers on the stage of Import.

For more information, contact:

Secretary General,

Pakistan Yarn Merchants Association
(PYMA)

Business Centre, 8th Floor, Dunolly
Road,

Karachi – 74000, Pakistan

Tel: +92-21-32410320

Fax: +92-21-32424896

Email: info@pyma.com.pk

Website: http://www.pyma.com.pk/