Government Announced Rs. 100 Billion Package for Industrial Sector

The government had offered up to Rs. 100 billion packages to the industrial sector as a support due to the challenging conditions amid coronavirus.

Adviser to Prime Minister for Commerce and Textile, Abdul Razak Dawood said, “We are continuously in contact with all major industrial sectors, including textiles and construction. With the consultation of all stakeholders, the government would give incentives to the priority areas of the industrial sector for revival in the current critical situation.”

He said that the Drawback of Local Taxes and Levies (DLTL) pending payments will be made as the government aims to resolve the liquidity issue of the industrial sector of the country. The government would pay Technology up-gradation fund worth Rs. 30 billion to the industrial sector to face the challenges arises due to the COVID-19 pandemic.

Textile is the major export sector of Pakistan and the government would pay Rs. 47 billion would be paid to the textile sector in the coming three months.

“Promoting industries and giving incentives to the business community was an important step to leading the country forward. The government would support the industrial sector and provide Incentives,” Abdul Razak Dawood shared.

The government has allowed the reopening of industries, the commerce ministry will reveal the list of industries that are going to open as per the approval.

President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar said that the government would take several measures to protect and balance the economy and trade of the country that has been suffering from the current pandemic situation.

“The whole world including the potential market of Europe Union (EU) was affected by the coronavirus, which was the second biggest trade destination for Pakistan after the Generalized Schemes of Preferences (GSP-Plus) offered by EU in 2013,” Mian Anjum said.

Furthermore, President, Karachi Chamber of Commerce and Industries, Agha Shahab Ahmed Khan said that the government’s efforts to overcome the current challenge are commendable.

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Pak Revenue

A reliable source for business, taxation & financial news, covering incentives for CPEC, automobile and performance of stock and mercantile exchanges.

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