ICCI urges Government not to withdraw industrial amnesty scheme

  • April 25, 2022
Islamabad ( ) Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry (ICCI) has shown great concerns over the government intentions to consider withdrawing the tax amnesty scheme for industrial sector under the IMF pressure and termed it a disappointing move as it would hurt the industrial growth in the country and shake the confidence of investor who wanted to invest in Pakistan under this scheme. He urged that the government should reconsider its intention and not to withdraw the tax amnesty scheme for the industrial sector as it would have a negative impact on the economic growth of the country. Muhammad Shakeel Munir said that ICCI has been constantly stressing upon the government to announce a package for industrial sector on the pattern of construction package and the business community was quite satisfied when an incentives-laden tax amnesty scheme for industrial sector was announced in the first week of March 2022, which encouraged industrial promotion, revival of sick industrial units and foreign investment in industrial sector. He said that this amnesty scheme was warmly welcomed by the entrepreneurs and investors as it had created new opportunities for industrial promotion and more investment in the industrial sector. However, there are indications that on the demand of the IMF, the government was considering withdrawing the amnesty scheme, which would create more disappointment in the business community and the potential investors. ICCI President said that Pakistan badly needed industrialization to create jobs for youth, encourage local and foreign investment and improve exports. The amnesty scheme was a good move to achieve these goals. However, it was unfortunate that before the start of implementation on the tax amnesty scheme, there were reports that it would be withdrawn. He emphasized that the government should accelerate the pace of work on the establishment of Special Economic Zones (SEZs) under CPEC and implement the industrial amnesty scheme as it would boost industrialization in the country and contribute to strengthening the economy. Jamshaid Akhtar Sheikh, Senior Vice President and Muhammad Faheem Khan, Vice President ICCI said that Pakistan was facing a rising trade deficit as our imports much more than our exports. They said that one good option to overcome the trade deficit was to promote industrialization and exports. They said that the tax amnesty scheme for the industrial sector was important to realize these goals and stressed that the government should not consider withdrawing it in the larger economic interest of the country.