Tuesday, June 6, 2023

Govt to abolish unnecessary taxes: Hammad Azhar

On Saturday, Federal Minister of Industry and Production, Hammad Azhar assured the business community that the excessive tax burden on businesses will end.

While speaking at the Lahore Chamber of Commerce and Industry (LCCI), the Federal Minister said that to ensure rapid growth of trade, industry and the economy, the government wanted to reduce the excessive burden of taxes.

He said Pakistan’s economy had made a remarkable turnaround and a positive image was presented by economic indicators. “The global economy is squeezing at a rate of 4.5 percent, though because of Covid-19, the Indian economy is shrinking more than 10 percent but Pakistan’s economy is in a positive mode,” he added.

Azhar highlighted that Pakistan’s industry is leading the economic recovery, adding that in September 2020, 7.5 percent growth in industrial components was reported compared to the same time last year.

“Cement and urea fertilizer demand and use are at their highest peak, while vehicle sales are 43 percent higher than the previous year,” he continued.

Azhar further said, “The government has strengthened foreign exchange reserves, though international institutions have altered Pakistan’s ranking for the better.”

He told that during Covid-19, the government paid electricity bills for three months to over three million businessmen/traders. “Moreover, a tax-free budget and relief packages for the building industry were proposed by the government.”

Furthermore, the Minister announced that 13 Special Economic Zones (SEZs) were being established in Punjab while the already established SEZs were being upgraded.

He said the zero-rated regime facilities for the five sectors had been abolished. The benefits will be passed immediately from next year to the export proceedings.

He also told the business community that it will soon implement a new strategy for SMEs. The National Coordination Committee (NCC) has been established by the Prime Minister to promote this.

LCCI President Mian Tariq Misbah, speaking on the occasion, appreciated the government’s initiatives, adding that the policies had helped revive economic activities.

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