IS PAKISTAN PLANNING A MAJOR CUT IN TAX IMPORT? RS 120 BILLION RELIEF UNDER DISCUSSION
As we have reached the mid of may and pakistan ended its tax year on 30 june every year. The planning of the budget has been started already and after this we hear some news of relief on imports. These are not confirmed yet but there are chances that the government is trying to do it.
The main purpose is to open the economy to foreign competition as the tarif war begins all around the world. The Ministry of commerce and ministry of industry showed their concerns amid relief but the FBR are in full support of this step.
This is a relief to the importer but the local industry may suffer due to this step. Critics said that these steps not only challenge the local manufacturer but also cause serious harm to their survival. The sectors like textile and automobile may suffer due to these steps.
Despite all the concerns the government continues their TARDE LIBERAL AGENDA. The government wants to integrate Pakistan more into the global economy. Although It seems not seem like a friendly policy, it totally depends upon the implementation of the policy and the local industries to work in a more competitive environment.
