Karachi Chamber of Commerce and Industry (KCCI) Import Valuation Sub-committee Chairman Amir Abdullah Zaki said that prices of cloth will go down by almost 18 percent due to reduction in textile sector's production cost.
Talking to newsmen at KCCI premises on Monday, he appreciated the government's move of reducing duty from 20 percent to 7 percent, sales tax from 15 percent to zero and income tax from 6 percent to 2 percent on polyester yarn and said that this will reduce cost of production of textile sector.
Zaki said besides this, the reduction will also provide a level playing field and now Pakistan will be in a position to meet world's demand on competitive prices.
He said that availability of locally-produced quality cloth at reduced price will play a significant role in curbing smuggling of cloth from China and India.
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