Pakistan Local Cotton Prices and Market Commentary 18th April 2017

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PCGA urges government to bring down WHT to 0.2 percent Pakistan Cotton Ginners Association (PCGA) has urged the government to bring down withholding tax to 0.2 percent, instead of 1 percent that is currently being charged, in the budget for the next fiscal year. The PCGA submitted budget proposals to the finance committee of National Assembly for budget 2017-18 while stating that cotton is backbone of Pakistan’s economy that contributes more than 50 percent in exports and 60 percent in employment. Ginners are the only link between cotton growers and textile industry but due to severe crisis for the last two years and heavy burden of taxes, ginners are unable to run their factories in the upcoming season.

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