ISLAMABAD: Prime Minister Imran Khan has congratulated the Ministry for Maritime for finalising the Blue Economy policy for the shipping sector.
In a tweet on Saturday, the prime minister wrote that the federal government will ensure Pakistan fulfills its enormous maritime potential.
“I congratulate @MaritimeGovPK for finalising a new & dynamic Blue Economy policy to revitalise our shipping sector, saving Pak valuable ForEX & creating more employment opportunities for our seafarers. We will ensure Pakistan fulfills its enormous maritime potential,” the prime minister wrote in a tweet.
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Earlier this month, the federal government announced the new shipping policy aimed at boosting the maritime sector.
Minister Ali Zaidi said the new policy would expand the maritime sector and earn foreign exchange for the country snf reduce the annual freight bill worth $5 billion and reliance on the international shipping lines for trade.
The new policy offers various incentives, including exemption from federal tax on the Pakistan resident ship-owning companies for 10 years, while the ships sailing under the Pakistani flag would be given preference in berthing at the country’s ports.
According to the new policy, imports by the shipping companies of small and large ships in Pakistan will be exempted from customs duty until 2030. The incomes from these ships until that period would also be exempted from sales tax and income tax.
New Pakistan resident shipowning companies would pay tax of $0.75 per gross register tonnage (GRT) for the first five years of the operations of each individual vessel, subject to the cut off period till 2030. After five years, Pakistan resident ship owning companies would pay $1 per GRT annually on the income from operation.
The minister said that vessels, under the Pakistani flag, would be provided priority berthing at all Pakistani ports, while no preference would be given to the Pakistan National Shipping Corporation (PNSC) in private sector cargo.