KARACHI: Korangi Association of Trade and Industry (KATI) on Tuesday questioned the authorities of food shortage despite huge tax exemptions and concessions to agriculture sector.
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Investors to prefer keep money in banks amid high policy rate: KATI
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KATI rejects petroleum price hike, urges politicians to reduce expenses
KARACHI: Korangi Association of Trade and Industry (KATI) on Monday rejected hike in petroleum prices and urged politicians to reduce their expenses.
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Banks are responsible for economic crisis: KATI President
KARACHI: Faraz-ur-Rehman, President, Korangi Association of Trade and Industry (KATI) on Tuesday blamed commercial banks for present economic crisis in the country.
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KATI terms benchmark interest rate hike as disastrous
KARACHI: Korangi Association of Trade and Industry (KATI) Tuesday express serious concerns over hike in benchmark policy rate and termed it as disastrous for the economy.
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Demurrage, detention charges cause huge outflow of dollars: Chief Collector
KARACHI: A huge sum of dollars are going out of country because of demurrage and detention charges, said Muhammad Yaqoob Mako, Chief Collector, Customs Enforcement South, Karachi.
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KATI fears further inflation with planned petroleum levy rise
KARACHI: Korangi Association of Trade and Industry (KATI) has expressed fears that planned enhancement in petroleum levy for further increase inflationary pressure.
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Pakistani exporters fear order cancellation
KARACHI: Now the situation is that the orders of the exporters are feared to be cancelled due to which Pakistan will lose its reputation in the global market.
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KATI urges removal of regulatory duty on yarn
KARACHI: Korangi Association of Trade and Industry (KATI) has urged the government to withdraw the regulatory duty on yarn import because the levy would increase cost of product for textile industry.
The Economic Coordination Committee (ECC) of the Cabinet on November 30, 2022 imposed five per cent regulatory duty on filament yarn.
READ MORE: Merchants protest imposition of 5pc regulatory duty on polyester yarn
In a statement on Monday KATI President Faraz-Ur-Rehman rejected the government’s imposition of regulatory duty on yarn and thread.
Rehman said that yarn and thread are the raw material of the textile sector, and duty on it is not acceptable in any case. He said that KATI fully supports the stance of yarn traders as the imposition of duty will adversely affect textile exports.
READ MORE: Pakistan slaps 5pc regulatory duty on yarn import
President KATI said that due to the ongoing economic crisis in the country, shortage of gas and expensive electricity, the cost of production is already at the highest level and due to the financial crisis, most of the textile mills have closed down and are on the verge of closing down more.
Faraz-Ur-Rehman said that the government should reconsider this decision, otherwise millions of people who are involved in the textile sector will become unemployed.
READ MORE: PYMA urges government not to impose regulatory duty on yarn
President KATI said that the textile sector is the backbone of the country’s exports, and most of the export earnings come from this sector. He said that the imposition of duty on this sector will cause the sector to suffer from a severe financial crisis which will directly harm the economy.
Faraz-Ur-Rehman further said that the government and the concerned authorities are implementing duties to avoid their responsibilities without consulting the stakeholders, which is causing serious damage to the industry.
READ MORE: Industries threaten mass protest against gas supply shutdown
He said that the government should withdraw the regulatory duty immediately otherwise the employment of millions of people will be at risk.
President KATI said that the survival of the export industry is not possible without ending the implementation of a 17 per cent general sales tax on textile exports.
Therefore, to improve the liquidity position of exporters and competitiveness in the global market and to prevent fraud and smuggling, the restoration of ‘zero rating’ has become indispensable.