Unnecessary taxes on businesses to be abolished soon: Hammad
LAHORE: Federal Minister for Industries & Productions Hammad Azhar has promised to end unnecessary tax burden on businesses.
Talking to business community at Lahore Chamber of Commerce & Industry (LCCI), he said the government wanted to reduce the undue burden of taxes to ensure fast growth of trade, industry and economy. He said the economy of Pakistan had taken a remarkable turnaround and economic indicators were portraying a positive picture. He said that global economy was squeezing at the rate of 4.5 per cent while Indian economy was squeezing over 10 per cent due to COVID-19 but the economy of Pakistan was in a positive mode.
Hammad Azhar said the industry of Pakistan was leading the economic revival, citing that 7.5 per cent growth of industrial components had been recorded in September 2020 as compared to this month of last year. He said the demand and consumption of cement and urea fertilizer was at its historic peak. Sales of automobile sector are 43 per cent higher than the previous year, he said and added that textile sector was working 24 hours even during the Eid holidays. He said that all sectors are showing more sales than the past.
The Federal Minister said that challenges like current account deficit, inclusion of Pakistan in Grey list by Financial Action Task Force (FATF) and various others were inherited to the present regime but now scenario was being changed rapidly. The government made foreign exchange reserves stronger and international institutions made Pakistan’s rating better, he said and added that WHO had included Pakistan in those seven countries who protected their economy during the COVID-19 pandemic.
He said the government had paid electricity bills of over three million businessmen/traders for three months during COVID-19. He said the government presented tax-free budget and relief packages for construction industry, adding the government had complied with 21 conditions of FATF out of 27 while others will be met soon.
Hammad Azhar said that 13 Special Economic Zones (SEZs) were being established in Punjab while already established SEZs were being upgraded. He said that facility of zero rated to five sectors had been abolished, adding the benefits would be transferred directly to the exports proceedings from the next year.
The Minister said that Chambers and Associations would be taken on board for skill development. He said that new policy for SMEs would be introduced very soon. Prime Minister has formed National Coordination Committee (NCC) to facilitate the SMEs, he said and added that Ease of Doing Business recorded 28 points betterment during the first year of present regime.
He informed the house that the government had ended the peak hours for electricity consumption and Prime Minister had given a vast package to the industry for electricity consumption. - APP