ISLAMABAD: Pakistan will cut taxes on imports of raw materials to spur manufacturing and overall economic growth, Bloomberg quoted Prime Minister Imran Khan’s trade adviser as saying on Monday.
Customs duties on input items needed by pharmaceutical, chemical, engineering and food processing industries will be reduced by 3 percent to 10 percent, Abdul Razzak Dawood, Khan’s adviser on commerce, said in an interview to Bloomberg.
“That will help lower the import of finished goods, encourage local production and put the nation in a position to boost exports,” he said. “Pakistan had ridiculously high duties. The objective is to put Pakistan on par with other countries on trade taxes.”
Bloomberg said the proposal would be part of the federal government’s annual budget for the year starting July 1, by when it targets to achieve a growth rate of 4.8 percent. The nation forecast growth to be 3.9 percent this year after a rare contraction last year. The new budget is scheduled to be presented in the lower house of the parliament on June 11.
“Paring import taxes will be a huge policy shift for Pakistan, given more than 40 percent of its total tax revenue is generated from levies on inbound shipments,” Bloomberg said. “Khan’s government is seeking to end the nation’s reliance in recent years on foreign loans and bailouts, and instead boost industrial productivity and the share of exports in the economy.”
To that end, the administration will extend concessional long-term financing for exports and working capital financing to businesses in the next fiscal year, Dawood told the American publication.
The nation’s exports haven’t grown significantly in the past decade, averaging $23 billion annually. For the next financial year, the government hopes it will be higher than $25 billion.
Pakistan to cut taxes on imports of raw materials to boost growth
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Pakistan to cut taxes on imports of raw materials to boost growth
- Customs duties on input items needed by pharmaceutical, chemical, engineering, food processing industries to be reduced by 3 percent to 10 percent
- Proposal to be part of federal government’s annual budget for year starting July 1 by when it targets to achieve growth rate of 4.8 percent
Pakistan extends bid submission for new PSL teams citing interest from Middle East, Europe
- Pakistan has invited bids for two new PSL teams for upcoming edition of the tournament
- Pakistan Cricket Board extends bid submission deadline by a week to Dec. 22, says chairman
ISLAMABAD: The Pakistan Cricket Board (PCB) has decided to extend the deadline to submit bids for two new Pakistan Super League (PSL) teams due to “growing interest” from investors in the Middle East, US and Europe, chairman Mohsin Naqvi said on Friday.
The PSL is Pakistan’s flagship Twenty20 league held every year featuring six teams, each representing a different city of Pakistan. It includes national as well as international cricketers.
PSL 11 is expected to begin in April and May next year, and will see two new teams added to the current roster of six PSL teams. Pakistan kicked off the process to invite bids from investors for two new PSL teams for the upcoming edition of the league last month.
“Witnessing growing interest from the Europe, USA, the Middle East and beyond in acquiring new HBL PSL teams, we have decided to extend the bid submission deadline by one week to 22 December 2025,” Naqvi wrote on social media platform X.
https://x.com/mohsinnaqvic42/status/1999510948311347476?s=46&t=_sd6Jiyhge2j48w9Ld4HwA
“Good luck to everyone excited to welcome our new franchise owners to the HBL PSL family.”
The PCB organized a roadshow this week in London to attract international investors. The roadshow featured former cricket stars Ramiz Raja, Wasim Akram and the PCB’s top hierarchy, including Naqvi.
The roadshow also featured star cricketers Babar Azam, Sahibzada Farhan and Haris Rauf, who spoke about their journey so far and how the league has transformed their lives.
In an earlier statement, the PCB released a list of cities that potential owners could name their new teams after.
Hyderabad, Sialkot, Muzaffarabad, Faisalabad, Gilgit, and Rawalpindi are the new potential cities, from which two will be chosen for the upcoming edition of the tournament.
The list of teams that are already part of the PSL are Multan Sultans, Islamabad United, Peshawar Zalmi, Quetta Gladiators, Karachi Kings and Lahore Qalandars.
