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KARACHI, Sep 26 (APP):President Karachi Chamber of Commerce and Industry, Mohammed Tariq Yousuf, on Tuesday, suggested the import of recycled plastic under any description in the negative list or placing a complete ban on the item.
The KCCI president, in a statement issued here, argued that there was no need or logic to import recycled plastic in Pakistan because the country already generates its own massive volumes of plastic waste and scrap which is recycled by many units operating in Pakistan, hence, there was no point in buying other country’s garbage.
Tariq Yousuf, in a letter to Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz, also suggested carrying out a Forensic Audit of all recent imports of Plastics (Polyethylene) during the last four to six months and the importers should be asked to clarify how and through what channel the payments have been made to foreign suppliers for import from a neighbouring country.
Moreover, a massive volume of smuggled Plastics from neighbouring countries and misdeclaration in terms of value and quantity have caused losses of Rs10 to 12 billion in just three months on account of Customs Duty, Sales Tax, WHT and other levies, he added.
“This will have a very positive impact on remittances and the vast amounts diverted to grey channels to finance smuggling and misdeclaration of imports from neighbouring countries will be redirected to banking channels and will support the value of Pak Rupee in the interbank market,” he opined.
During the last three months over 50,000 metric tons of Polyethylene have been smuggled or imported under the garb of recycled plastic while declaring lower value and less quantity resulting in revenue losses amounting to billions, he pointed out.