PTA chairman issues Eid al-Adha cashflow warning - leatherbiz: Leading Leatherbiz

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PTA chairman issues Eid al-Adha cashflow warning

13/08/2015
In a joint appeal to the government of Pakistan, industry bodies representing tanners (PTA), leather garments (PLGMEA), leather footwear (PFMA) and leather gloves (PGMEA) have asked for the immediate release of customs duty drawback money that their member companies are owed from their export sales.

PTA chairman, Muhammad Musaddiq said that the cost of doing business in Pakistan has increased to “an alarming level” because of the burden of taxes. Mr Musaddiq calculated the increase in production costs in recent years at 12% and said export customers were unwilling to pay this.

He warned that this year cashflow problems may prevent Pakistani tanners from acquiring and preserving the millions of hides and skins produced in the country each year at the time of the Eid al-Adha feast; the celebration falls this year on September 23.


Related stories:

Plea for water treatment plants to boost tanning sector in Karachi 09/10/2015
Bangladesh could face Eid cattle shortage 28/08/2015

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