Govt decides to announce package for promotion of industries
Business
Govt decides to announce package for promotion of industries
ISLAMABAD (Dunya News) – Federal government on Tuesday decided to announce a package for promotion of industries.
The federal cabinet has given approval to the summary through circulation and tax incentives would be given for setting up new industries in the country.
According to the document, tax incentives will be given for rehabilitation of dead industries, while incentives will also be given for bringing declared assets from abroad to Pakistan.
The documents also stated that 5% tax will be applicable on setting up new industries but source of income will not be asked from investors and tax losses of industries will be adjusted for rehabilitation.
The document further states that the tax losses of dead industries will be adjusted for the next 3 years and tax concessions will be given on transfer of declared assets from abroad to Pakistan and overseas Pakistanis will be given 100% tax credit on investments.
