ISLAMABAD: Government has introduced a liverless and Incentives Small and Medium Enterprises (SME) Policy 2021-25 to attract investment and enhance industrial and manufacturing base in the Country. It was shared by the Federal Minister for Industries and Production, Khusro Bukhtiar along with Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain during a news conference in Islamabad on Wednesday.
According to Khusro, the newly introduced policy aims at facilitation and support of the young entrepreneurs to provide them resources including financial loan, land and easy documentation process to speed up the industrialization and growth development in the country.
He informed the media that government had allocated 4200 acres of land coupled with 30 billion rupees on easy installments to the entrepreneurs for a period of five years through Small and Medium Enterprises Authority so they can start up their businesses.
Federal Minister for Industries and Production said that government also working to ease up the registration and documentation process and the requirement of No Objection Certificate (NOC) for establishment or expansion of businesses had been abolished completely to make the process liverless.
According to him, government is going to kick off “Aasan Finance Scheme”, under which thirty thousand new businesses would setup across the country through provision of loan upto ten million rupees without guarantee/ indemnity to the young entrepreneurs to establish their own businesses.
Khusro said that government will establish a new mechanism to ensure implementation of the policy and a new tax regime would be introduced for Small and Medium Enterprises in the country.
Federal Minister for Industries and Production also announced self-declaration scheme for taxation purpose to end bribery, corruption, rigging and bullying, and only 2 percent businesses will be inspect by the authorities during coming years.
While diving deep into taxation policy, Khusro told the media that 0.5 % fixed tax would be applicable on annual turnover of Rs. 100 million to Rs. 250 million, whereas separate option for income tax and 7.5 percent income tax would be relevant on Rs. 100 million turnover of any business/ industry. While responding to a media query, Khusro said that the tax would be 0.25 percent for below Rs. 100 million annual business. While answering another question regarding allocation of land, Khusro said that about 19500 plots in various industrial zones would be allotted to the entrepreneurs under the new policy.
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