PM announces 5-year tax relief for overseas investors

LAHORE: Prime Minister (PM) Imran Khan has announced a five-year tax exemption for overseas investors to bolster investment in Pakistan. He made the announcement during a gathering in Lahore to announce an industrial package to promote business activities in the country. 

Addressing the ceremony, the PM said that countries progress from industrial development. “No country can become great without a manufacturing base and industrial growth,” he said.

“A country develops when there is wealth creation, without it they cannot move forward,” he stated, adding that when a governmet forms policies against profit-making, it halts the dvelopment of industries and reduces investment opportunities.

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He further shed light on how industries earn profit and how other investors get attracted to that particular sector.

He also said that previous governments made policies which made it difficult for indutstries to develop. due to which country’s exports stopped increasing as there was no long-term plan in place.

“Pakistan never paid attention towards the export sector; whenever we faced a shortage of the US dollars, we approached the International Monetary Fund (IMF),” he said.

Sharing details of the package, Imran Khan said that the growth of small and medium industries have been focused on, for which the government has introduced a policy and is creating facilities for the sector’s growth.

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Speaking about five-year tax exemption for foreign investors, he added if they invest in Pakistan then new grounds of developmemt could be discovered and our economy will soar.

“Facilities will be given to overseas Pakistanis who face challenges investing in the country,” he said, citing an example that whenever overseas Pakistanis purchase land in Pakistan, it has illegally been occupied as they are not personally around to look after their property.

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