17194
Textile Sector Dying Under VAT Weight
Economy, Domestic Economy

Textile Sector Dying Under VAT Weight

The thirty-six percent value added tax on textiles is the reason behind the unreasonable prices of domestically produced fabrics, head of Tehran’s Textile Union, Amir Ghadiminejad, told ISNA on Monday. “Domestic textile manufacturing is not lucrative,” the official complained, saying imposed expenses such as taxes in four different stages of the manufacturing process have resulted in increased prices and consequently a drop in demand for the Iranian fabrics. Foreign products have taken over the market, he said. About 50 percent of the country’s demand for textiles is supplied domestically and the rest is imported from Turkey and China. “Under the current circumstances the sector faces bankrupcy,” he warned, urging the government to support the sector by providing subsidies to textile manufacturers and exempting the sector from value added tax.

Short URL : http://goo.gl/EjfJTm

You can also read ...

These Billions in Deals Can Help Iran Counter Trump
It hasn’t been the investment bonanza Iran hoped for, but the...
BIM Links Up With 82 Foreign Banks
Iran’s Bank of Industry and Mine has set up correspondent...
Iran’s Exports to Syria Double
Iran exported $58 million worth of goods to Syria during the...
BMI Expanding Presence in Iraq
Bank Melli Iran–the country’s biggest commercial lender–is...
Potatoes Sold to 13 Countries
More than 60,550 tons of potatoes worth 448.76 billion ($13.83...
Mouteh Gold Mine Output Up 48%
Mouteh Gold Mine produced 136 kilograms of gold ingots during...
Regulations for Dormant Accounts
In order to improve banks’ financial transparency and prevent...
Motorola Moto X4 Smartphone Details Leaked by Iranian Distributor
Mobile phone maker Motorola's distributor in Iran has...

Trending

Googleplus