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Export industry: Raw materials now exempt from taxes

  • Prime Minister Shehbaz Sharif directs formation of task forces to attract investment in multiple sectors
Published June 9, 2022
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ISLAMABAD: Prime Minister Shehbaz Sharif Wednesday directed the authorities concerned to abolish all taxes on the raw materials of the export industry, as part of his government’s vision to develop an export-oriented economy.

The prime minister also directed the formation of task forces to attract investment in multiple sectors during a meeting with a delegation of the American Business Council. The task forces would be formed in the fields of tourism, pharmaceuticals, information technology, e-commerce, large-scale manufacturing, and agriculture.

The premier told the delegation that the government was making efforts to ensure the production of export quality agricultural products.

He said it was for the first time that the government was calling for consistency in policies as the subjects of the national economy and public welfare were above politics.

FY23 budget: EFS may be amended to restore GST-free procurement of inputs

The delegation comprised representatives from pharmaceuticals, food processing, IT, e-commerce, retail, textile, sports, and logistics sectors. The participants said the government’s policies had helped revive the investors’ trust and the pre-budget consultation with the stakeholders was a welcoming step.

The prime minister directed the secretary of commerce as well as the secretary of the Board of Investment (BoI) to ensure immediate resolution of the issues faced by the investors and sought a compliance report within a week.

Federal ministers Naveed Qamar, Murtaza Mahmood, Marriyum Aurangzeb and senior officers attended the meeting.

Copyright Business Recorder, 2022

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