20000210

Cotton Policy next month

RECORDER REPORT

KARACHI: Cotton Policy will be announced next month and the value-addition will be given priority, said the Commerce Minister, Razak Dawood on Wednesday.

He was addressing the Managing Committee of the Federation of Pakistan Chambers of Commerce and Industry.

He announced that the Central Board of Revenue will clear all dues regarding the refund by the end of April.

He assured the members that the government was making effort to offer more and more incentives to boost the economy concentrating on exports.

He said the government wants to minimise its influence in the business affairs and avoid each kind of subsidy or additional protection to the trade.

He expressed concern that the available quota was not being utilised properly.

Non-quota item will be given priority in the next economic policies.

He was of the view that the Sales Tax net should be enlarged by reducing the percentage of sales tax.

He did not agree with the proposal to impose duty on export of yarn but said that the export refinance on yarn of 30 and above counts should be withdrawn.

He refused to accept the suggestion from the textile millers that Trading Corporation of Pakistan should sell its cotton stocks to Aptma.

He expressed disappointment over the dispute in the All Pakistan Textile Mills Association (Aptma). He said he will personally resolve the issue after return from Iraq. The minister is scheduled to leave for Iran on Thursday.

Earlier, the President FPCCI, Fazal-ur-Rehman Dittu, delivered a detailed speech discussing various problems of the traders and industrialists.