ISLAMABAD: The Ministry of Commerce (MoC) has taken a number of measures to enhance export of agricultural commodities.
There had been a significant decline in international prices of other agricultural commodities such as rice and wheat in previous fiscal year. Though the export of the agricultural commodities declined by 13.7% during the year 2015-16 as compared to 2014-15, the total proceeds from the agricultural commodities remained above $ 4 billion.
A well placed source at MoC told Customs Today that 50% support on the cost of imported new plant and machinery for specified under-developed regions had been announced. Similarly, 100% mark-up support on the cost of imported new plant and machinery on all Pakistan basis has also been announced on products like Meat, fruits, vegetables, dates, olives, guar gum.
The source added that exporters of agricultural products from rural Sindh, KPK, FATA, Baluchistan, Southern Punjab and GB Besides could benefit out of the incentives to the agriculture sector along with other related export sectors.
“These incentives include duty drawback of local taxes and levies to exporters on free on board (FOB) values of their enhanced exports if increased by 10% and beyond (over last year’s exports) at the rate of 4% on the increase” the source observed.
Moreover, the source said that exporters of a few selected sectors including fish and fish preparations, meat and meat preparation and spices had been given due priority in a number of issues like opening up LCs with other countries as well as wide ranging margin in charges in bank transactions and funds transfers..
The source further said that 20% investment support up to a maximum of Rs one million per annum per company was available for import of new plant and machinery with a purpose of technology up gradation.. 50% of markup support on up-gradation of technology had provided for import of new machinery/plant, subject to a maximum of Rs one million per annum per company.
