Yarn traders in Pakistan have urged Prime Minister Imran Khan to remove additional customs duty and regulatory duty on synthetic yarn and turnover tax on yarn traders to maintain competitiveness of the textile industry in international markets. Pakistan Yarn Merchants Association (PYMA) officials say such measures would normalize trade and industrial activities and give a boost to exports.

Hanif Lakhany, Vice President, Pakistan Chambers of Commerce and Industry (FPCCI) added, soaring yarn prices in local markets are increasing production cost of textile sector significantly. He urged the government to withdraw the 1.5 per cent turnover tax imposed on yarn traders and restore the previous tax rate of 0.1 per cent to help the financially stressed yarn traders to get back on feet.

Farhan Ashrafi, Vice Chairman, PYMA requested the Prime Minister to play an effective role in saving the textile industry and similar small and medium enterprises (SMEs) from total collapse. He urged the government to issue immediate directives for abolishing the additional customs duty and regulatory duty on synthetic yarn.