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Govt likely to extend FATA PATA Tax exemptions

Govt likely to extend FATA PATA Tax exemptions
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June 12, 2024 (MLN): Despite mounting concerns from key industrial sectors, the government is anticipated to extend the tax exemptions for the Federally Administered Tribal Areas (FATA) and the Provincially Administered Tribal Areas (PATA) for another year. 

This decision follows the pattern established in previous years, ensuring that these regions continue to receive significant fiscal benefits, sources close to the matter revealed to Mettis Link News. 

This decision is reportedly driven by a commitment to support the economic development of FATA and PATA regions, which have historically faced significant socio-economic challenges.

All eyes are on the government's next move, which will have far-reaching implications for both the industry and the economic rejuvenation of the tribal areas.

Earlier, representatives from various sectors voiced serious apprehensions regarding the ongoing misuse of the tax incentive package initially introduced in 2019 for the erstwhile FATA regions.

Industry leaders assert that these concessions are detrimental to the ghee, edible oil, and steel industries nationwide, according to the media reports. 

"The current tax incentives are not only creating an uneven playing field but also causing substantial economic strain on industries that are crucial for the country's economy," said Sheikh Abdul Razzak, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA).

Copyright Mettis Link News

Posted on: 2024-06-12T10:00:42+05:00