Tax Holiday On Industrial Machinery Import For QABP

Punjab Industrial Estates Development & Management Company (PIEDMC) Chairman Syed Nabeel Hashmi said on Wednesday that the federal government had granted a tax holiday and exemption of duties and taxes on import of industrial machinery in the Quaid-e-Azam Business Park (QABP)

LAHORE, (UrduPoint / Pakistan Point News - 25th Nov, 2020 ) :Punjab Industrial Estates Development & Management Company (PIEDMC) Chairman Syed Nabeel Hashmi said on Wednesday that the Federal government had granted a tax holiday and exemption of duties and taxes on import of industrial machinery in the Quaid-e-Azam business Park (QABP).

In a meeting with a delegation of the Pakistan Plastic Manufacturers Association (PPMA) led by its chairman Khalil Ahmed here, Hashmi added that electricity up to 2.2 megawatt would also be supplied to the investors who immediately set up their industrial units, and gas pipeline infrastructure was almost ready.

The PIEDMC chairman said that consumption of plastic products had reached to $ 1.2 trillion globally with the US and China the biggest consumers. There were a lot of opportunities for the local industry to get export orders from both the countries for which they must focus on quality of their products. He offered them to set up plastic manufacturing units in the Quaid-e-Azam Business Park Special Economic Zone, where a congenial atmosphere had been provided to investors and industrialists.

Those intending to build industrial units were accord being provided all necessary facilities for this purpose.

Talking about the QABP, he said that a levied package would be provided to all those investors who would purchase more than 25 acres of land for their industrial set-ups in the Quaid-e-Azam Business Park. This would also be provided on relaxed payment plans.

With completion of the QABP project, new job employment opportunities of more than half million would be created in Punjab thus ushering in new era of development according to the vision of Prime MinisterImran Khan, he added.

The COO PIEDMC, Ali Muazzam Syed, briefed the delegation that an advisory board for the Quaid-e-Azam Business Park had been constituted in order to speed up development work there. The advisory board members include public representatives and experts from various economic fields and will be nominated for a period of one year. He said that these members would serve for industrial development and improvement in this industrial zone.