ISLAMABAD, Oct 22 (APP):Federal Minister for Science and Technology Senator Syed Shibli Faraz Friday approved exemption of marking Fee for small and Medium Enterprises of Business Turnover up to 50 million rupees.
In accordance with the vision and directions of the Prime Minister Imran Khan, Ministry of Science and Technology is keen to take all steps in facilitating Small and Medium Enterprises and ease of doing business.
During the 23rd Meeting of Board of Directors of Pakistan Standards and Quality Control Authority (PSQCA) held here, it was approved that Small and Medium Enterprises (SMEs) of Business Turnover up to 50 million rupees will be exempted from levy of Marking Fee and it was also decided to facilitate with reduction in the Marking Fee of more than 1500 industries (Manufactures of Compulsory products) registered with Pakistan Standards and Quality Control Authority to give them relief due to Market inflation in business to support the local industry.
The PSQCA marking Fees was previously revised in the year of 2008 at the rate of 0.05% ex-factory price for food items and 0.1% ex-factory price of Non Food products. The industry was dissatisfied with that decision and requested to revise the marking Fees on flat rate basis.
The decision of Present government has resolved the long pending demand of the industry. The proposal thus, facilitates the Micro, Small, Medium and large enterprises of Food as well Non Food producing enterprises through fixed and flat rates calculated on the basis of present fees being charged.
It will also encourage new businesses to register and come under the ambit of licensing and certification regime. Moreover, it will help in increasing the size of formal economy.