The industrial amnesty proposed by PM Imran Khan is bound to help the country progress as it will incentivise the industrialisation process which will not only generate employment opportunities but will also help in supporting the economy of the country.
Economic experts believe that the package is a wonderful step towards industrialisation, foreign and local investments and mobilisation to boost revenue and employment opportunities.
According to the industrial package, for the establishment of new industries, investors will have to pay a fixed tax of only 5 percent on the declared assets. Further the fund shown can only be used for purchase of plant & machinery and establishment of industry. To encourage, the sick industry tax losses could be adjusted for next three years.
Investment by overseas Pakistanis in the industrial promotion shall be entitled to 100 percent tax credit. In this relief package special focus has been given to the growth of IT industry which has been neglected in the past. This could be a big relief for unemployed young population of Pakistan. This carries 100 percent tax credit, too, it will not only encourage only the freelancers but also generate heavy foreign remittances.
