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Decisive steps are being taken to stabilize Azad Kashmir economically, including scheduling the Bank of Azad Kashmir to give 49 percent of its shares to the business community. Prime Minister Azad Jammu and Kashmir Sardar Tanveer Ilyas Khan

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Islamabad (PID) January 9, 2023
Prime Minister Azad Jammu and Kashmir State and President Tehreek-e-Insaf Azad Kashmir Sardar Tanveer Ilyas Khan has said that decisive steps are being taken to stabilize Azad Kashmir economically. Bank of Azad Kashmir will give its 49% shares to the business community along with scheduling, Skill University will be established to skill the youth of Azad Kashmir. Institutions on the lines of SECP and Nipra will be established within Azad Kashmir. By giving financial and administrative autonomy to the Department of Electronics, the power supply company is being converted to the style of Desco, which will save about Rs 7 billion. After improving the tax system, the number of tax payers will be increased to 100,000 and all the facilities will be provided to the investors in Azad Kashmir, who demanded that the investors should not be taxed if they invest from their own pockets. I will pay their taxes. Prime Minister Azad Jammu and Kashmir Sardar Tanveer Ilyas Khan expressed these views. Sardar Imtiaz Shaheen, Adviser on Political Affairs Sardar Iftikhar Rashid, Special Assistant Youth Raja Sabeel Riaz while holding a press conference. Prime Minister Sardar Tanveer Ilyas Khan said that the number of tax filers increased from 5 thousand to 38 thousand during the last six months. While the number of filers working in the system has reached 58 thousand, the number of tax filers will be taken up to 1 lakh. He said that Azad Jammu and Kashmir Bank has earned a profit of 95 crores in addition to taxation and salaries during our government period. After which we are going to give 49% shares of the bank to the public and in the next phase schedule a joint bank with the Federal Ministry of Finance. SECP and NPR will be established within Azad Kashmir, while the Department of Electricity has been given the task of creating its own Desco-style institution, which will save 7 billion annually. He said that Azad Kashmir is a state of Pakistan, we are all one. He further said that no economy of the world can flourish without development in the private sector and in the future we will bring the best model of public private partnership within Azad Kashmir. Attractive incentives will be provided to those willing to invest within Azad Kashmir. Our government has brought withholding tax to three to four percent. Those who invest in IT and other sectors will be fully supported in terms of land, building, etc. I will pay the amount from my own pocket but they will have to export 15% IT annually. The Prime Minister said that Azad Kashmir Bank will be made a schedule bank. Equity partners will be taken to give it a wide scope, prominent businessmen from all over the country will be able to get these shares. He further said that the large scale of running the state But reforms were needed and our ministries and secretariats are rapidly completing the work on these reforms.




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