Islamabad Chamber of Commerce and Industry for zero-rated concession to local LED industry for promoting energy saving
Islamabad, May 22, 2014 (PPI-OT): Islamabad Chamber of Commerce and Industry has called upon the government to exempt local manufacturers of LED lighting solutions from duties and GST in the forthcoming budget, which will bring down prices of LED products, increase their usage, reduce electricity bills of consumers and save sufficient energy.
Shaban Khalid, President, Islamabad Chamber of Commerce and Industry (ICCI) said that Pakistan faces severe energy crisis and one of the best options to cope with energy shortage is to promote energy efficient LED lighting solutions. He said government should give zero rated concession to local manufacturers of LED based lighting products because these products are 60 percent energy efficient as compared to traditional energy solutions and have 5 times more life span.
He said the less efficient energy saving bulbs/lights are enjoying the benefit of zero tax and zero duty on import whereas the more efficient and advanced LED products are still being deprived of such concessions.
He said LED lighting products are also eco-friendly as they are mercury and lead free and cause less solid waste. He said the Engineering Development Board and the Alternative Energy Development Board have already recommended LED based lighting products being highly energy efficient and government should exempt raw material of such products from 17 percent GST and 5-35 percent custom duty.
Shaban Khalid said giving exemption to local LED manufacturers from GST and duties in coming budget will produce multiple benefits as it will facilitate local industry to flourish, reduce energy crisis, offer more than 60 percent savings in electricity cost, create employment, save lot of foreign exchange and generate more economic activities and can also enhance export after meeting domestic needs.
For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Category: Chambers of Commerce