KARACHI: The Finance Supplementary 2nd Amendment Bill presented by Finance Minister Asad Umar on Wednesday has proposed to reduce and in cases remove customs duty on the import of raw materials.

“Industrial sector is the backbone of the economy. But unfortunately industrial growth had declined in the last 10 years,” Asad Umar said adding that customs duty on hundreds of tariff lines is proposed to be reduced while duty would be removed on some tariff lines of raw materials particularly for textile and engineering.

Asad Umar announced that in order to promote new investment, there will be no sales tax and customs duty on imports of capital goods of Greenfield plants, while there will be an income tax holiday for five years.

The Finance Supplementary 2nd Amendment Bill also proposed to remove super tax of 4.0 percent on non-banking companies with effect from July 01, 2019. [the_ad id=”31605″]