Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan floated the proposal during a high-level meeting on budget proposals.
He gave directives for revising budget proposals as there was a need for tax reforms to uplift the industrial sector. In that regard, he proposed the introduction of super tax.
Meeting participants discussed various key issues including the promotion of local manufacturing, import and export of raw material and the structure of customs duty, regulatory duty and additional customs duty. The Ministry of Industries proposed the imposition of 20% regulatory duty on LED lighting products.
In line with Prime Minister Shehbaz Sharif’s vision, the special assistant underscored the importance of creating a business-friendly environment to encourage investment in the industrial sector. He highlighted the need to support local industries and facilitate small and medium-scale enterprises (SMEs).
Furthermore, Haroon Akhtar Khan instructed the departments concerned to identify and eliminate obstacles hindering industrial development to ensure sustainable economic growth in the country.
The meeting was attended by Ministry of Industries and Production Secretary Saif Anjum, representatives from the Engineering Development Board and the Small and Medium Enterprises Development Authority.