20000317

Apcpa seeks

extension of

refinance

facility

FAISALABAD: All Pakistan Cotton Powerloom Association (Apcpa) has demanded extension of the facility of re-financing (Part-I) to the powerloomers.

In a press statement on Thursday, he said the powerloom sector was the biggest sector of the national economy which was producing cloth for the processing units and providing livelihood to thousands of wage-earners.

He said due to faulty policies of the previous governments, the powerloom sector is confronted with constant crisis and over 25 percent powerloom units have been closed down while the remaining are operating partially.

He demanded immediate ban over the export of yarn and disclosed that during 1998-99, the yarn export stood at 32.87 million kg per month, which have now crossed 50 million kg per month.

He said powerloom industry is paying 18 percent sales tax, besides the payment of 15 percent sales tax on electricity and Sui gas bills. he also demanded elimination of wealth tax, social security, old age benefit scheme and other provicial taxes.ÑPPI