PYMA demands removal of regulatory duty

News Desk

KARACHI: Pakistan Yarn Merchants Association (PYMA) on Monday urged Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr. Miftah Ismail to remove regulatory duty imposed on yarn imports, a statement said.

PYMA Central Chairman Khurshid A Shaikh, Zonal Chairman Muhammad Aslam Moten and Zonal Vice Chairman Muhammad Khalid Gader have expressed their satisfaction over the appointment of Miftah Ismail and expressed the hope that as he possesses an in-depth understanding of the issues being faced by the trade and industry, he must implement his decisions for the enhancement of commercial and industrial activities, it added.

The Pakistan Yarn Merchants Association office-bearers expressed concern over hurdles in imports of yarn and continuous increase in production cost in the textile industry, which is backbone of the national economy and said that by removing regulatory duty, the government can play a vital role in supply of cheap raw material to the textile sector.

Commercial importers of yarn should be provided a level-playing field along with non-discriminatory business environment will definitely result in supply of cheap raw material to the export-oriented industries, they said.

They requested the adviser to bring all stakeholders on board for improvement in economic and financial policies. They urged the government to broaden the tax net and take measures to end corruption so that economic stability and can be achieved.