Islamabad: The Finance Minister Ishaq Dar said that a modest growth target of 3.5 percent has been set for the next fiscal year.
He said that we have prepared a responsible budget adding that we have chosen elements of real economy after hectic consultations because of which the country will move forward on the path of progress in the minimum time.
He that the turnover threshold of Small and Medium Industries has been increased from 250 million to 800 million rupees by increasing the tax concessions of the SMEs.
He said SMEs Assan Finance Scheme has also been restored while establishing a Crediting Rating Agency for the SMEs has also been proposed.
For Industry and Export sectors, the Finance Minister said that an export council of Pakistan is being constituted under the supervision of Prime Minister to take important decisions with regards to exports of the country.
He said sales tax has been exempted for local purchase through Online Market Place to promote exports of mineral and metals.
He said the minimum tax on all Listed Companies is being reduced from 1.25 percent to 1 percent while five percent regulatory duty is also being abolished on Synthetic Filament Yarn which is not manufactured in the country to promote the textile industry.
Custom duty on Pet Scrap is also being decreased from twenty percent to eleven percent.
