Textile package announced here on Friday revealed that the government has also decided to clear all pending sales tax refunds of the textile sector till September 2015. The value addition tax on commercial importers has been reduced from 2 to one percent. The custom duty on import of textile machinery under SRO 809 is zero for the year 2015-16 as well, he added.
The new incentive package for agricultural sector revealed that nonadjustable sales tax at reduced rate of 7 percent has been allowed on the import of local supply of agricultural machinery and equipment. The agriculture package announced here on Friday disclosed that to promote farm mechanisation and enhance productivity on adjustable sales tax at reduced rate of 7 percent, instead of existing rate of 17 percent is being imposed.
Tax holiday for agricultural delivery Chain: Income Tax Holiday for 3 years is being introduced for new industrial undertakings engaged in (i) setting up and operating cold chain facilities, and (ii) setting up and operating warehousing facilities for storage of agriculture produce. The exemption for 4 year for ''Halal'' meat production companies which set up ''Halal'' meat production plant and obtain ''Halal'' certification by 31st December 2016
Relief to rice mills: In order to provide relief to Rice Mills suffering from low global demand, exemption from minimum tax for the Tax Year 2015 is being granted. Exemption on supply of fish: Exemption from withholding tax on supply of agricultural produce is to be extended to supply of fish. Import and local supply of agricultural machinery and equipment: In order to promote farm mechanisation and enhance productivity nonadjustable sales tax at reduced rate of 7 percent, instead of existing rate of 17 percent is being impose.