KARACHI: Prime Minister Imran Khan’s Industrial Package which shall promote not only industrial sector but is a step towards restoration of sick units and strategy to device growth of “Made in Pakistan”, said Ateeq Ur Rehman, economic & financial analyst.

Welcoming Prime Minster Imran Khan industrial package, he said the package is a wonderful step towards industrialisation, foreign and local investments and mobilisation to boost revenue and employment opportunities.

According to the industrial package, for the establishment of new industries, investors will have to pay a fixed tax of only 5 percent on the declared assets. Further the fund shown can only be used for purchase of plant & machinery and establishment of industry.

To encourage, the sick industry tax losses could be adjusted for next three years.

Investment by overseas Pakistanis in the industrial promotion shall be entitled to 100 percent tax credit.

Ateeq said that special focus has been given to the growth of IT industry which has been neglected in the past. This could be a big relief for unemployed young population of Pakistan.

This carries 100 percent tax credit, too, it will not only encourage only the freelancers but also generate heavy foreign remittances.

The Kamiyab Jawan Program is a great helping tool of support to our bulk youth to pursue grand career in IT field. It teaches how to catch the fish and not to eat the fish.

Copyright Business Recorder, 2022