Aptma decides to shut textile mills

Published June 29, 2015
According to the Aptma chairman, the cost of doing business in the textile sector has gone through the roof. —AFP/File
According to the Aptma chairman, the cost of doing business in the textile sector has gone through the roof. —AFP/File

LAHORE: The Chairman of the All Pakistan Textile Mills Association, Mr S.M. Tanveer, said on Sunday that the association had decided to ‘voluntarily’ close down the textile industry because of the losses it had been suffering.

“An emergency meeting of Aptma’s general body has deliberated on the adverse circumstances and found it unfeasible to incur losses by operating mills partially,” Mr Tanveer said in a statement.

According to the Aptma chairman, the cost of doing business in the textile sector has gone through the roof and the burden of incidental taxes, provincial cess, system inefficiencies and the punitive withholding tax regime have added fuel to the fire.

The Aptma chairman said the owners of mills in Khyber Pakhtunkhwa, Lahore, Fai­salabad, Multan and Karachi had decided to close down operations and lay off millions of workers because they had nothing to offer their international buyers against the regional competitors.

Published in Dawn, June 29th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt trap
Updated 30 May, 2024

Debt trap

The task before the government is to boost its tax-to-GDP ratio to the global average by taxing the economy’s untaxed and undertaxed sectors.
Foregone times
30 May, 2024

Foregone times

THE past, as they say, is a foreign country. It seems that the PML-N’s leadership has chosen to live there. Nawaz...
Margalla fires
30 May, 2024

Margalla fires

THE Margalla Hills — the sprawling 12,605-hectare national park — were once again engulfed in flames, with 15...
First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...