Mohammad Mohsin, vice chairman of PHP Family, the country's one of the top industrial groups, has termed the proposed budget for fiscal year 2021-2022 as industry-friendly.
He said, "The proposed budget has hiked import taxes to protect domestic industries. This is a very positive aspect. Overall, as an industrialist, I would like to call this year's budget industry-friendly."
"Last time the finance minister proposed a business-friendly budget. This time, our proposals regarding the industrial sector have been fulfilled to a great extent," he said further.
As they had steel, automobile and glass factories, they had a great interest in these sectors, he said.
"We are seeing its reflection in the proposed budget," he went on.
"Even a few years ago, the government did not pay much attention to policy formulation in the automobile industry. This time, the opposite has happened. Three-wheeler and four-wheeler manufacturing companies have been offered 10 years conditional tax exemption and another 10 years conditional tax exemption. The existing VAT exemption facility for motor vehicle manufacturing is proposed to be extended for another five years, which is a big opportunity for this sector," he elaborated.
"We have always said that the automobile industry is a basic industry. For example, it takes at least 3,000 materials to make a car. Now if this industry is built, factories of making the 3,000 materials will also be built. So this sector can also make a big contribution to the economy," said the vice chairman of the PHP family.
He said considering the issue of Covid-19, the government had given tax exemption to manufacturing companies. In some cases, advance tax had been reduced. This would give a relief amid the pandemic, he added.