KARACHI : Saqib Naseem, central chairman Pakistan Yarn Merchants Association (PYMA), while expressing deep concern over rumours circulating about lobbying for imposition of regulatory duty on imported polyester yarns by local manufacturers of polyester filament yarns, has urged Adviser to Prime Minister on Finance Shaukat Tarin not to succumb to the pressure of local manufacturers, and to reject any proposal for imposition of regulatory duty on imports of polyester filament yarns, especially HS Code 5402.3300 and HS Code 5402.4700.

In a letter to Finance Advisor Shaukat Tarin, PYMA chairman said the local manufacturers of polyester filament yarns were lobbying the concerned agencies, especially the Ministry of Commerce, to impose regulatory duty on imported polyester yarns. This would be extremely detrimental to the local consumers of polyester filament yarn, and would be against the government’s policy of ensuring the availability of raw materials to the industry and consumers at competitive prices.

Saqib Naseem said “In the letter that despite the fact that local manufacturers of polyester filament yarns are already enjoying discounted tariffs, efforts to implement regulatory duties will significantly increase the production cost of local industries”, fearing that therefore, no such proposal should be considered which is detrimental to the domestic industries. PYMA chairman was of the opinion the current custom duty of 11 percent is rather excessive.

Copyright Business Recorder, 2021