PBC proposes to reduce taxes in upcoming budget

Aftab Ahmed

Islamabad: Pakistan Business Council (PBC) has proposed to reduce taxes on the import of machinery and several other measures in the upcoming budget to boost industrialization.

It suggested reducing the rate of sale tax, custom duties on machinery import.

It further asked to abolish regulatory duty (RD) on the Tyre industry and competitive bidding for Nepra tariffs for RE projects.

Mr. Makhdoom Khusro Bakhtiar held a virtual meeting with the Pakistan Business Council (PBC), a private business policy advocacy forum. Mr. Razzak Dawood, Advisor of Prime Minister on Commerce and Trade, and Mr. Tabish Gohar, Special Assistant to Prime Minister on Energy also joined the meeting.

The meeting discussed the various business opportunities and ways to strengthen industrial growth and sustainability in Pakistan by reducing taxes in the budget.

The Minister informed the PBC that the government is committed to providing full assistance to the manufacturing sector members by enabling more Pakistani entrepreneurs and businessmen to explore the opportunities available within the country and across the world.

The representatives of PBC thanked & appreciated the support of the current government to establish footprints in overseas markets and to increase exports amidst the Covid-19 pandemic. Secondly, the members of the body showed their resolve to work with the government to bolster trade and investments in the country.

Federal Minister Khusro Bakhtiar also met a delegation of the Federation of Pakistan Chambers of Commerce & Industry at the Ministry of Industries and Production. The meeting was also attended by Mr. Razzak Dawood, Advisor of Prime Minister on Commerce and Trade, and Mr. Sohail Rajput, Secretary for Ministry of Industries and Production.

The delegation presented its proposals to reduce taxes in the upcoming budget to promote industrialization and competitiveness in the industrial sector.

Furthermore, the Minister welcomed the suggestions from the participants and conveyed to make efforts to protect and promote the industry. He stated that the industry is the backbone of the economy and an important sector for employment generation in the country and the incumbent government is willing to address all the issues faced by the industrial sector.

Meanwhile, the Minister assured indiscriminate support to the industry and industrialists to boost sustainable GDP growth in the country. He informed that the government is presently working on a new SME policy to promote small-scale industries in the country and urged the body to take lead in the consultative process for the upcoming policy.