The Federal Minister for Maritime Affairs Ali Zaidi has announced a new shipping policy in which major tax breaks have been given to shipping companies.
According to the sources, Ali Zaidi held a press conference on Friday in which he informed about the new shipping policy and tax exemption given to shipping companies.
He said that the maritime sector has been neglected in Pakistan but this sector is associated with many ministries, all industries are connected with the port.
He said that Razzaq Dawood, a trade adviser, had helped a lot in formulating the shipping policy. When the nationalization of companies took place in 1972, the shipping industry was also affected and badly jeopardized.
“After nationalization, other industries have become stronger over time, but the shipping industry has not been able to stand on its own feet because we had no ships and we had to pay a lot of freight,” he added.
The Federal Minister said that under the new policy, anyone who registers a shipping company and ships in Pakistan will not have to pay any customs duty till 2030. The shipping company and shipping registering company in Pakistan will be given the first berth while registered shippers will be anchored at the port first.
He said that there would be no income and sales tax on the shippers, the ship with Pakistani flag would be given first right to stand at the port and private enterprises would be charged in rupees instead of freight dollars. Ali Zaidi said that the bank would repay the loan 3% on the purchase of cargo ship.