Bilour seeks liberal incentives to boost KP industry

ISLAMABAD: The KP Chamber of Commerce led by Senator Ilyas Bilour on Saturday demanded of the Finance Minister Ishaq Dar to provide income tax holiday for a period of five years and subsidising mark-up on bank loans for KP industries.
Finance Minister, Senator Mohammad Ishaq Dar here on Saturday met delegation of businesspersons and representatives of KP Chamber of Commerce, led by Senator Ilyas Bilour.The delegation emphasised grant of a new incentive package for Khyber Pakhtunkhwa in view of the economic difficulties arising due to the sensitive security situation that made the economy go sluggish.
The delegation requested income tax holiday to all industries and businesses in KP for a period of five years and also requested that mark-up on bank loans should be subsidised, new investment in KP should be extended income tax exemption for five years and that moratorium on new gas connection in KP should be lifted.
The delegation also drew the Minister’s attention to the restriction of 100 metric tons export of ghee/cooking oil in three months, imposed in March 2013. The delegation observed that the restriction/ceiling had rendered the ghee and cooking oil industry uncompetitive in the Afghan Market where the foreign brand ghee was available at lower prices compared to the stuff manufactured in Pakistan. In order to give level playing field to the ghee sector, the delegation said either the government should abolish the quota system or the quota of 100 MT in 90 days should be enhanced to 1,000 MT per month.
The minister issued instructions to chairman FBR to extend thorough consideration to the proposals submitted by the KP delegation keeping in view the state of economy in the province. He said new incentives for the KP would be considered in the 2015-16 budget.
The minister on this occasion added that during the prime minister’s recent visit to Kabul, the Afghan side had agreed to lift duty of $100 per 25 tons of goods and also consented to waive off condition of 110% bank guarantee, for exports from Pakistan transiting through Afghanistan. These facilities would help promote trade and spur economic activities in KP, the minister observed.
Finance Minister, Senator Mohammad Ishaq Dar here on Saturday chaired a meeting to review the progress regarding Nawaz Sharif Kidney hospital, Swat.The minister was informed that installation of necessary equipment and machinery would be carried out at the hospital in the next four weeks. The required personnel/staff would also be in a state of readiness to put the equipment to its best use thus helping launch the medical services.
The minister constituted a special committee having representatives of health departments from KP and Punjab and vice chancellor PIMS as the focal person to ensure installation of machinery and operationalising the hospital in a month’s time. PIMS would also place support staff at the hospital to facilitate the installation of equipment and launch of medical care.
The Minister was informed that as directed by the Minister in the last meeting, registration of patients had already been initiated and that 400 patients had so far been registered.During the meeting expenditure incurred thus far under different heads and approved by the technical finance committee of the hospital project, was also ratified.
It may be added that the hospital is being constructed through funds raised from philanthropists, donations, and no government funding or assistance is involved in this welfare- oriented project.