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Govt should announce relief in duty and taxes for small & medium industries

Govt should announce relief in duty and taxes for small & medium industries

LAHORE: Business fraternity of Pakistan, especially small and medium industries, need special relief measures by the Government to offset the losses the trade and business sector has suffered during the last one and half year because of pandemic COVID-19.

The Government should setup an ‘authority’ or a platform which in consultation with the business community could ascertain the losses and relief measures needed to boost the businesses.

This was stated by the PIAF Executive Committee Member Muhammad Abubakar while talking to a group of traders here the other day. Abubakar said that Small Medium Enterprises (SMEs) play a vital role in economic development and growth and empower the citizens of any countries. However due to continued downfall of business due to lock down or pandemic SMEs are now too weak to compete and sustain in the industry.

This scenario is alarming and threatening as SMEs are important component and even considered as heart of economic growth. Pakistan basically is an agricultural country but SMEs recognized as backbone or a source to boost up for agriculture industry due to the strong contribution in indigenous growth in the industry expansion and development.