ISLAMABAD: Federal Minister for Science and Technology Senator Syed Shibli Faraz on Friday approved the exemption of marking fee for small and medium enterprises (SMEs) with a business turnover up to Rs50 million.
Shibli said the move was an effort to give industries relief due to market inflation so that they could support the local industry.
According to details, the decision was taken in the 23rd meeting of the Pakistan Standards and Quality Control Authority (PSQCA). The decision will provide relief to more than 1,500 industries registered with the authority.
The PSQCA marking fee was previously revised in the year of 2008 at the rate of 0.05 per cent ex-factory price for food items and 0.1pc ex-factory price of non-food products. However, the industry was dissatisfied with the decision and requested to revise the fee on flat rate basis.
The decision of the present government has resolved the long pending demand of the industry. The proposal facilitates the micro, small, medium and large enterprises of food as well non-food producing enterprises through fixed and flat rates calculated on the basis of present fees being charged.
It will also encourage new businesses to register and come under the ambit of licensing and certification regime. Moreover, it will help in increasing the size of the formal economy.