Pakistan may give tax break to 20 industrial sectors

ISLAMABAD: Pakistan government is considering offering tax breaks to various industries with export potential as it looks beyond textiles to boost outbound trade, Bloomberg reported an adviser to Prime Minister Imran Khan as saying on Monday.

Engineering, chemicals, technology and footwear are among 20 sectors identified for incentives, Abdul Razak Dawood, the commerce and investment adviser to the prime minister, said in an interview in Islamabad. An export policy will be announced next month, he said.

“I am in favor of limited time-bound incentives,” Dawood said, indicating a three- to four-year period for tax breaks. He opposed concessions for the textile industry, saying “they have gone to the point that it is a drug.”

“If we want to go to $100 billion or $200 billion exports like Malaysia or Thailand, you ain’t gonna do it on textile,” said Dawood.

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