AJK Govt Announces 100 Percent Tax Holiday For Industrial Units

Fahad Shabbir (@FahadShabbir) Published November 25, 2022 | 06:20 PM

MUZAFFARABAD, (UrduPoint / Pakistan Point News - 25th Nov, 2022 ) :While declaring the region as a special economic zone, Azad Jammu and Kashmir (AJK) government has announced 100 percent tax holiday and free of cost land for new industrial units to attract investment.

Minister for Finance Abdul Majid Khan flanked with Chairman Central board of Revenue (CBR) Raja Amjad Pervez and Secretary Industry Wajahat Rasheed Baig told in a presser here Friday evening that the decision had been taken after a successful investment conference, a day earlier at capital.

He said that 16 memorandum of understanding (MoUs) were signed with different investors belonging to Faisalabad Chamber of Commerce and Industry regarding investment in the region and he would visit other chambers of the country to invite businessmen to avail the opportunity.

He said that the incentives had been given more than that of offered in erstwhile federally administrated tribal areas (FATA) by the Federal government and other advantages like scenic beauty, environment and peace would be added attraction for businessmen to invest here.

He said seven industrial estates in AJK were abandoned since long and government was going to revive sick industrial units besides establishing newer ones and activating dry port at Mirpur to boost economy and create job opportunities.

The minister informed that the government was going to cancel the allotments of plots in the industrial units being used for other purposes and were not utilized for establishing industrial units since allotment and will create a special pool as well to offer new investors.

He said tax rebate would be for 20 years aimed to refrain the investors flying capital after getting benefit of it for five years of which hundred percent for five years 75 percent for 10 years, 50 percent for 15 years and 25 percent for 20 years.

He said besides this, one window operation would be started to get NOCs from different department at Muzaffarabad and Mirpur for the easement of investors and other facilities would also be extended to them at one place.