STAFF REPORT ISLAMABAD: The government has offered sizeable one-time tax exemption on import of environment-friendly renewable technology as it approved withdrawal of customs and regulatory duties as well as sales and commercial taxes on solar panels.
The Economic Coordination Committee of the Cabinet in its meeting held last week approved the request of Environment Ministry for one-time exemption of taxes on renewable energy technologies. The reduction of duties shall make environment-friendly renewable energy technologies affordable to general public and commercial ventures, the ministry had proposed. It would also reduce dependence on imported fossil fuels.
The environment proposal also highlighted the growing environmental concerns, need to meet international obligations, and attract foreign investments. The government would withdraw 5 per cent customs duty, 16 per cent sales tax, 2 per cent commercial tax, 1 per cent regulatory duty and 4 per cent income tax on solar PV panels/modules and LVD induction lamps.
http://www.technologytimes.pk/mag/2011/feb11/issue01/one_time_tax_exemption.php
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