Related Keywords: budgetary increase in sales tax, cheap cloth export, damaging the local markets, demanding withdrawal, facing cheap yarn import, on yarn and cloth, Pakistan textile sector, Pakistan Yarn Merchants Association, PYMA
Textile sector is considered back bone of Pakistan economy contributing more than 50 percent of foreign exchange for the country and providing 40 percent employment is already heavily burdened and imposition of additional sales tax on yarn and cloth would further suppress the sector. Pakistan Yarn Merchants Association (PYMA) has rejected budgetary increase in sales tax on yarn and cloth to 3% and 5A% respectively from 2% and 3% previously as anti-trade and industry and termed it a drone attack on yarn and cloth business.
