FPCCI Regional Chairman says $20 billion could be saved from Green Energy
LAHORE
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Muhammad Nadeem Qureshi has hailed the government’s decision to abolish the 17 percent general sales tax imposed on the import of solar panels and said Prime Minister Mian Shahbaz Sharif had taken the best step by eliminating 17 % GST.
The FPCCI delegation raised the issue of a 17 % GST on the import of solar equipment, among other topics, during a meeting with the Minister of Finance and Revenue and Chairman FBR at the Finance Division this month. Following the request of the FPCCI, the government abolishes sales tax on solar equipment.
He said that energy prices are already high in the country and like in other countries to transfer green energy, there was an urgent need to exempt tax on solar energy in Pakistan.
Nadeem further said that $ 20 billion could be saved from Green Energy. Allah has made Pakistan rich in natural resources and blessings, including sun and air. We have to move to solar and wind power. Promoting alternative sources of energy is an urgent need of the hour.
He further said that the State Bank would issue instructions to all commercial banks from considering solar equipment as a bank guarantee and issuing a lease. This will increase the use of solar energy equipment and the country will soon get out of the energy crisis. The State Bank should also eliminate the condition of 100 % cash margin deposits when opening a letter of credit for the import of solar equipment.
According to solar technology, experts installing the solar system once, at least 20 to 25 years, gives constant energy without any extra cost. At the same time, we have to import expensive oil from abroad every month to keep generators and oil-powered power plants.
