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Friday, March 29, 2024

Tax exemption for companies investing in SEZs

“Investors and industries setup in the Special Economic Zones would be exempted from the tax” said Dr. Miftah Ismail-Minister of State and Chairman Board of Investment. While addressing the business community at the regional office of Federal of Pakistan Chamber of Commerce and Industry, he added that, “the government was also reviewing relaxations given to China under the Pak-China Free Trade Agreement as exports to Beijing are a mere $2 billion against imports of $18bn.”

Further it was said that the BoI has recently conveyed to the federal government that provinces must not charge two taxes from investors. In the upcoming budget, the government will consider reducing number of taxes, he added. Investors who want to set up textile units before June 2020 would be given special concession in taxes, he said.

While addressing the attendees he said that government of Bangladesh takes only 60 days in allowing an investor to set up an industry with all utility connections and other procedures, but in Pakistan the same process requires 180 days. By pointing out the matter he addressed the need to look over the issue and reduce this time period to attract local as well as foreign investors, which needs to be reduced to attract foreign and local investments. Mr Ismail added the Cambodian government has assured Pakistani investors of clearing necessary procedures within 48 hours.

At the same time, talking about China he said that the China Pakistan Economic Corridor is an economic game changer. He also said that $34bn have been earmarked for power plants out of $52bn investment. Five power plants being installed in Punjab on the same terms and conditions which were allowed by Benazir Bhutto in 1994 and by Musharraf in 2002, he added.

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