{"id":51703,"date":"2019-04-27T10:00:40","date_gmt":"2019-04-27T05:00:40","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=51703"},"modified":"2019-04-26T17:38:24","modified_gmt":"2019-04-26T12:38:24","slug":"maritime-ministry-seeks-tax-exemption-duty-relief-in-budget","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/maritime-ministry-seeks-tax-exemption-duty-relief-in-budget.html","title":{"rendered":"Maritime ministry seeks tax exemption, duty relief in budget"},"content":{"rendered":"<p>Islamabad: The Ministry of Maritime Affairs has sought a 20-year extension in the Pakistan Merchant Policy 2001, which provides tax exemptions and duty relief to the maritime industry, a news source reported.<\/p>\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/seminar-held-to-promote-maritime-tourism-in-pakistan.html\">Seminar held to promote maritime tourism in Pakistan<\/a><\/p>\n<p>The policy is set to expire in 2020, and the ministry has requested the Federal Board of Revenue (FBR) to consider its proposals in the upcoming budget for the fiscal year (FY2019-20).<\/p>\n<p>The request for extension in the policy and duty exemptions aims to promote the maritime industry. According to sources, the imposition of taxes and duties on the industry would have negative implications as the trade through sea route amounts to billions of dollars.<\/p>\n<p>If extended, the merchant policy would allow considerable exemptions from taxes and duties on vessels, ships, floating crafts, and survey ships. Moreover, the policy would offer a flexible membership fee structure to shipping companies.<\/p>\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/proposals-invited-for-budget-2019-20.html\">Proposals invited for budget 2019-20<\/a><\/p>\n<p>Officials affiliated with the maritime ministry have stressed the need to revise the policy in line with international requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Ministry of Maritime Affairs has sought a 20-year extension in the Pakistan Merchant Policy 2001, which provides tax exemptions and duty relief to the maritime industry, a news source reported. Read: Seminar held to promote maritime tourism in Pakistan The policy is set to expire in 2020, and the ministry has requested the Federal Board of Revenue (FBR) to consider its proposals in the upcoming budget for the fiscal year (FY2019-20). The request for extension in the policy and duty exemptions aims to promote the maritime industry. According to sources, the imposition of taxes and duties on the industry would have negative implications as the trade through sea route amounts to billions of dollars. If extended, the merchant policy would allow considerable exemptions from taxes and duties on vessels, ships, floating crafts, and survey ships. Moreover, the policy would offer a flexible membership fee structure to shipping companies. Read: Proposals invited for budget 2019-20 Officials affiliated with the maritime ministry have stressed the need to revise the policy in line with international requirements.<\/p>\n","protected":false},"author":67,"featured_media":49708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11466],"persona":[],"class_list":{"0":"post-51703","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-maritime-ministry-seeks-tax-exemption-duty-relief-in-budget"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Maritime ministry seeks tax exemption, duty relief in budget - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Ministry of Maritime Affairs has sought a 20-year extension in the Pakistan Merchant Policy 2001, which provides tax exemptions and duty\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/maritime-ministry-seeks-tax-exemption-duty-relief-in-budget.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maritime ministry seeks tax exemption, duty relief in budget - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Ministry of Maritime Affairs has sought a 20-year extension in the Pakistan Merchant Policy 2001, which provides tax exemptions and duty\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/maritime-ministry-seeks-tax-exemption-duty-relief-in-budget.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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