PESHAWAR Jan 7 (APP): Prime Minister Yusuf Raza Gilani Thursday announced a special package for the economic revival, reconstruction and rehabilitation of the militancy affected areas of NWFP and FATA with special focus Malakand Division.The Prime Minister announced the package during a function held here at Frontier House under the auspices of Sarhad Chamber of Commerce & Industry (SCCI).Governor NWFP Owais Ahmad Ghani, Chief Minister Amir Haider Khan Hoti, Federal Minister Shaukat Tareen, NWFP Finance Minister, Mohammad Hamayun Khan, other federal and provincial ministers and large number of the businessmen attended the function. Under the package the province has been divided into three categories of most affected, moderate and less affected areas. The relief covers three areas included fiscal, banking and insurance sectors. The most affected areas under the package include seven districts of Malakand Division : Swat, Buner, Shangla, Dir Upper, Dir Lower, Chitral and Malakand and tribal agencies of Bajaur, Mohmand, Khyber, Orakzai, Kurram, North and South agencies. The settled areas included in the most affected areas are Hangu, Kohat, Bannu, and Tank while the moderate affected areas consist of Nowshera, Charsadda, Peshawar
The Prime Minister said the businessmen, whose filing of tax returns were due by January 2010 has been extended till June 30, 2010. The relief would be further extended to June 2011. The business community could also deposit their taxes in installments.
Similarly, the business community has also been exempted of the payment of GST and withholding tax in their utility bills while the electricity and gas bills of the consumers of Malakand Division for the period of May to September have been waived off.
The industrial units of the mostly affected areas have been given 100 percent waiver of excise duty followed by 50 per cent relief to the industries of the moderate affected areas.
The facility would largely benefit manufacturing units of marble, cosmetics and silk. The exemption of sales tax on electricity has been given to both commercial and domestic consumers. The drawback would be paid within a period of three days. Similarly, the federal excise duty and sales tax, whose payment was due by June 2010 has been extended to 2011 and in case of need it could be further extended till June 2012. However, it will require ratification by the National Assembly.
The moderate affected areas have been given 50 per cent relaxation in federal excise duty and sales tax. However, cigarette, cement, sugar and beverages are exempted of the facility.
The State Bank of Pakistan (SBP) under its agricultural revival package has announced a new loan scheme under which the growers would be provided agricultural loans one soft terms and conditions and in case of loss the central bank and commercial bank concerned with share the loss. Under the Prime Minister Agricultural Loan Remission/Write off scheme loan to the tune of Rs.2.56 billion have been written off. For the revival of the SME sector a refinance scheme would also be introduced under which Rs.10 billion would be disbursed each year. The mark up on all loans would be charged at the rate of 7.5 per cent. The scheme is present announced for a period two years, but it would be further extended.
The federal government has already released a fund of Rs.17.012 billion for the reconstruction and rehabilitation of the damaged infrastructure in Malakand Division while another fund of Rs.56 million will be released for the affecteees of Meena Bazaar blast.
For the implementation of the facilities announced under the package, a meeting of the representatives of the business community would be held on regular basis. APP
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