Govt initiates process to recover Rs417 bn GIDC
The government has initiated the process to recover Rs417 billion collected by various sectors of economy in the head of GIDC (Gas Infrastructure Development Cess) and to this effect the Petroleum Division has asked the heads of gas companies, and public sector exploration and production companies to initiate the recovery process with immediate effect.
SBP enhances refinancing limit to banks under EFS
In order to further facilitate exporters, State Bank of Pakistan (SBP) has enhanced the limit of refinancing provided to the banks under Exports Finance Scheme (EFS) by Rs100 billion. Hence, banks will now have overall limits of Rs 700 billion for exporters for FY21. Moreover, to promote export-oriented investment, Rs 90 billion have also been allocated under Long Term Financing Facility (LTFF) for the FY 21.
5 major export sectors; 1pc WHT applicable on imported raw materials
The Federal Board of Revenue (FBR) has announced on Wednesday that the reduced rate of one percent withholding tax would be applicable on the import of raw material imported by manufacturers of textile, leather, surgical, carpets and sports goods.