July 13, 2016
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Wednesday lauded the government’s commitment to revive agricultural sector which was ignored since long.
Strong incentives for the sector announced by Finance Minister Ishaq Dar will help recover agricultural sector while the recent decision to reduce power tariff for agricultural tube wells for one year is a welcome development, he said.
Mian Zahid Hussain said that reduction in power tariff will reduce cost of doing business for farmers while will provide relief to masses in shape of reduced prices of different produce while helping exporters to compete with the rivals in the international market.
He said that reduction in power tariff by Rs3.50 will trigger progress to help government achieve growth target of 3.5 percent fixed in the budget.
Fertilizer prices have already been reduced, seven percent tax on pesticides has been waived while storage facilities have been given three-year tax holiday which will reduce wastage, he said.
Mian Zahid Hussain said that those who set up halal processing plants until December have been provided with incentive of tax holiday for four years while sales tax on several agricultural machinery has been reduced from seventeen percent to seven percent.
The farmers holding land up to 12.5 acre are getting interest-free loans for agricultural tube well which will relieve them of load shedding while Customs duty, sales tax and withholding tax on import of agricultural machinery will be reduced to nine per cent from the current aggregate of 28per cent to 43per cent.
He demanded of the government to announce next phase of reforms without delay to boost economy and confidence of investors.
