950805

Polypropylene yarn tape

LCCI urges govt

to save importers

from financial crisis

LAHORE: Sheikh Wahiduddin, acting president of the Lahore Chamber of Commerce and Industry (LCCI) has urged upon the government to save commercial importers of polypropylene tape of yarn grade from the severe financial crisis by allowing them to sell the imported tape to registered manufacturers "in custom bond" against their respective approved production capacities.

In a press statement issued here on Saturday he said that the huge quantity of the polypropylene tape of yarn grade imported by the commercial importers was in custom warehouses and if it is allowed to be sold to the manufacturers of polypropylene woven sacks, neither the importers nor the government would be at loss.

Wahiduddin claimed that if government accepts his proposal regarding polypropylene tape of yarn grade lying in 'custom bond', it will enhance collection of excise duty and sales tax at government end.

He further said that the implementation of this proposal would also encourage the complete documentation of import as well as manufacturing aspects of the polypropylene industry. By this way, it will discourage the trend of smuggling and tax evasion as well, he added.

Meanwhile Wahiduddin has paid rich tributes to Prime Minister Benazir Bhutto and Finance Minister Makhdoom Shahabuddin for their timely attention to save the polypropylene woven sack industry from a big crisis by granting a relief of customs duty on polypropylene tape of yarn grade.

He hoped that the government would also resolve the problem of commercial importers of polypropylene tape yarn grade in the same spirit by accpeting the LCCI proposal in this regard.-PPI