Wednesday, July 6, 2022

PM Shehbaz Sharif withdraws tax on raw materials from export industry

On Wednesday, Prime Minister Shehbaz Sharif gave instructions to the relevant authorities to eliminate all taxes that are placed on the raw materials used in the export industry.

During a meeting with a delegation of the American Business Council, the Prime Minister issued an order for the formation of task groups with the goal of attracting investment in a variety of industries.

Tourism, pharmaceuticals, information technology, electronic commerce, large-scale manufacturing, and agriculture would be the sectors that would be responsible for forming their own task groups.

The initiatives that the Prime Minister will be announcing today are a part of his government’s strategy to establish an economy that is more focused on exports.

He informed the delegation that efforts were being made by the government to ensure the production of agricultural products that were of an exportable grade.

The pharmaceutical industry, the food processing industry, information technology, electronic commerce, retail, the textile industry, sports, and logistics all had representation in the delegation.

The participants felt that the government’s measures had helped to restore the confidence of investors and that the pre-budget engagement with the various stakeholders was a positive step in the right direction.

Read Also: We donā€™t have money to buy oil, gas: PM Shehbaz Sharif

PM Shehbaz issued an order to the secretary of commerce as well as the secretary of the Board of Investment to ensure an urgent resolution of the challenges that were being experienced by the investors, and he requested a compliance report to be delivered within one week.

Syed Naveed Qamar, Makhdoom Murtaza Mahmood, and Marriyum Aurangzeb were among the senior officers and ministers of the federal government who were present at the meeting.

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