According to the Pakistan Cotton Ginners Association (PCGA), more than half of Pakistan’s plants are currently not in use as a result of the industry’s onerous tax responsibilities.
Speaking at a local event, PGCA Chairman Mr. Arshad noted the difficulties farmers have in selling their cotton harvest, also known as “phutti,” and the negative effects on the country’s economy that emerge from the inadequate supply of cotton to textile mills.
Due to this shortage, massive expenditures of billions of dollars have been made in importing cotton and edible oil. Mr. Arshad emphasized the severe taxation on the cotton ginning industry, which includes both income tax and a whopping 54% sales tax, after speaking with PCGA officials and cotton ginners.
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These levies have made it impossible for the sector to survive. He demanded that the federal government remove the sales tax on cottonseed and cottonseed oil, claiming that doing so would help to lower the price of ghee and other culinary oils in addition to reviving the ginning and oil industry.
Mr. Waheed Arshad applauded the Federal Board of Revenue’s (FBR) introduction of the “Trace and Tracking System” and expressed the hope that this system would be expanded to include the entire ginning and textile sector. He believed that by taking this action, the state would be able to collect more taxes.
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In order to reach the goal of producing up to 20 percent more cotton, he also praised the provincial and federal administrations’ efforts and pushed for the restriction of sugarcane farming in cotton-growing areas.
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