President promulgates ordinance to bring about industrial development.

ISLAMABAD -- President Dr Arif Alvi on Wednesday promulgated the Income Tax (Amendment) Ordinance 2022 for industrial development in the country.

The ordinance, promulgated by the president under Article 89 of the Constitution on the advice of the prime minister, aims at attracting investment, promoting industrial sector and reviving the country's sick industrial units. It also offers an incentives package for the revival of sick industries.

Through the ordinance, sections 59 C, 65 H and 100 F have been added in the Income Tax Ordinance 2001, a press release issued here by the President's Media Wing said.

According to the ordinance, the investors will be required to pay only 5% fixed tax on the assets declared for the establishment of new industrial unit.

The declared funds will only be used for purchasing plant, machinery and for setting up of an industrial unit. The...