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ISLAMABAD, Jul 21 (APP): Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan said on Monday that the government was fully aware of the challenges faced by the business community and was committed to resolving them.
Haroon Akhtar was talking to a high-level delegation comprising representatives from the Sialkot Chamber of Commerce and Industry, Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and the Pakistan Hosiery Manufacturers Association (PHMA).
During the meeting, the participants discussed crucial matters including the Fixed Tax Regime versus the Normal Tax Regime, industrial policy and measures to improve the ease of doing business in Pakistan.
The representatives of Sialkot Chamber emphasized that for decades, the Fixed Tax Regime has provided exporters with a simple, transparent, and corruption-free taxation system. However, they expressed concern that the imposition of the Normal Tax Regime under the Finance Act 2024 has become a significant burden on the business community.
The Chamber strongly urged the government to reinstate the Final Tax Regime for exporters to ensure continuity and growth in the export sector.
Khan said, Prime Minister Shehbaz Sharif had given clear directives to address the concerns of the business community on a priority basis. He informed the delegation that a proposal will be made to include a comprehensive and standardized definition of Small and Medium Enterprises (SMEs) in the new Industrial Policy.
“A stable and predictable policy framework is essential for attracting investment and ensuring sustainable industrial growth in Pakistan,” Khan emphasized.
He added that the government was introducing a forward-looking industrial policy aimed at revitalizing industry and providing real support to manufacturers. “All major issues faced by the business community will be addressed through the upcoming Industrial Policy,” he concluded.
In view of Pakistan’s current economic landscape, Khan underlined the urgent need for long-term and consistent policy frameworks to ensure national economic resilience.