The government of Pakistan has proposed a significant decrease in import duties on goods associated with solar energy generation in the budget year 2024–25. The goal of this project, which was announced by Finance Minister Muhammad Aurangzeb, is to reduce the nation’s reliance on oil and promote the use of renewable energy.
The new regulations will reduce the price of importing manufacturing facilities, equipment, and raw materials required for the production of batteries, inverters, and solar panels. By doing this, the government intends to preserve the nation’s foreign exchange reserves while simultaneously increasing the affordability and accessibility of solar energy.
This action takes into account the nation’s expanding energy needs while promoting sustainable energy sources.
The government wants to boost local manufacturing and open up new job prospects in the renewable energy sector by lowering the cost of producing solar energy equipment domestically.
Apart from prioritizing renewable energy, the budget also suggests imposing a flat tax of 18% on different types of mobile phones.
The goal of this tax is to guarantee fair competition between various mobile phone manufacturers and models and to produce a more balanced market. The government thinks that by taking this action, all market participants will have equal access to possibilities, fostering a more positive economic climate.
