Pakistan's Total Seaborne Trade On Consistent Upwards Trend
Sumaira FH 1 month ago Fri 18th September 2020 | 01:04 PM
Pakistan's total seaborne trade has been on consistent upwards trend, as the growth of 98 million metric tonnes was recorded in 2019
In a written reply to the Senate Standing Committee on Maritime Affairs available with APP, the Ministry of Maritime Affairs said that as Pakistan's living standards uplifted, its dependence on foreign trade has increased as well, adding that the vast majority of that growth comes from import of dry bulk cargo, accounting for approximately 42 % (60 % overall) of all of Pakistan's seaborne trade in 2019.
" A significant incentive for the Pakistani flag carriers would be the first berthing right, which is an international practice, saving considerable costs for the ships if unloading is not delayed.
Tax exemption and fiscal incentives have been structured into the fiscal status till the year 2030, customs duty has been abolished for all ships to be registered in the country so that they become national flag carriers.
Other incentives in the statute and policy include exemptions of sale tax and income tax at overall income of the registered ships.