India-based Parekh Group is currently developing its new yarn trading division Parekh Fibers Pvt. Ltd. The new division will supply all types of cotton, polyester, viscose and jute blends pan-India and also internationally. Director of the new division, Simran P Parekh discusses cotton and PET waste, the idea behind the yarn trading division, governmental support and more.
Shark Tank India has been the center of attention for quite some time. Many startups pitched their business ideas and received funding during the show.
PYMA demands duty free import of cotton through land routes dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
PYMA asks to extend ST deadline
Business
May 5, 2021
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Pakistan Yarn Merchants Association (PYMA) have asked the Federal Board of Revenue (FBR) chairman to extend the deadline for filing sales tax returns till May 31, 2021, a statement said on Tuesday.
They also requested the federal government to reduce the extended Eid holidays in the best economic interest of the country.
Hanif Lakhany, vice president of FPCCI and senior vice chairman of the PYMA and Farhan Ashrafi, vice chairman of PYMA and convener FPCCI’s Central Standing Committee on Yarn Trading, sought the attention of the FBR chairman, and said that due to the extended Eid-ul-Fitr holidays, the date for filing sales tax returns should be extended as it is coming up during the Eid holidays, resulting in inability of the business community to file their monthly sales tax returns.
Daily Times
April 6, 2021
The Pakistan Yarn Merchants Association (PYMA) has demanded the Federal Board of Revenue (FBR) to withdraw 1.5 turnover tax imposed on yarn traders and restore the previous rate of 0.1 percent.
In a letter to FBR chairman on Monday, Farhan Ashrafi, PYMA Vice Chairman and Convener FPCCI’s Central Standing Committee on Yarn Trading, said that present turnover tax rate for yarn traders is very high and many traders may resort to close their factories at this high rate, as businesses are already badly affected by the coronavirus pandemic and are facing severe financial crunch.
Ashrafi said that by virtue of SRO 333 (I) 2001, dated 02.05.2011, the traders of yarn had been subject to turnover tax at concessional rate 0.1 percent, which constituted about 10pc of their margin. Provision of rate of minimum tax 0.1 percent was made under clause 45 (A) second schedule to the income tax ordinance 2001.