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/