Pakistan cancels cotton import tax or cracks down on cotton planting intentions
According to foreign news, the Federal Board of Revenue (FBR) of Pakistan has officially canceled the 5% cotton sales tax and 4% cotton import tax starting from January 8, 2018. This tax policy will be beneficial to domestic cotton sales and cotton imports.
It is understood that since the cancellation of cotton sales tax and import tax may cause cotton prices to fall in the local market, thus affecting the interests of cotton farmers, cotton sales in Pakistan have basically stagnated since January, and cotton farmers are reluctant to sell. Ihsanul Haq, chairman of the Pakistan Cotton Gin Association, believes that this sentiment will affect cotton farmers’ planting intentions in the next year.
Since 2001, Pakistan’s imports of high-grade cotton such as long-staple cotton have continued to increase. Pakistan’s cotton production in 2017/18 is expected to reach about 11.1 million bales (170 kg/bag), while the latest cotton production target is 12.6 million bales. Pakistan cancels cotton import tax or cracks down on cotton planting intentions
AAA
Disclaimer:
Disclaimer: Some of the texts, pictures, audios, and videos of some articles published on this site are from the Internet and do not represent the views of this site. The copyrights belong to the original authors. If you find that the information reproduced on this website infringes upon your rights, please contact us and we will change or delete it as soon as possible.
AA
