SIFC to Finalize Incentives For Solar Sector in Next Meeting

The Special Investment Facilitation Council (SIFC) will meet with the Commerce Ministry, the Federal Board of Revenue (FBR), and the Ministry of Industries and Production to finalize incentives for PV solar manufacturing for the Tariff Policy Board (TPB). This was decided at a meeting chaired by Additional Secretary, Ministry of Industries and Production Sarah Aslam. Representatives from M/s Sinotec Solar (Pvt) Ltd, Power Division, Commerce Division, Board of Investment (BoI), FBR, SIFC, and other departments also attended the meeting, reported Business Recorder. After a thorough discussion, it was decided that two lists, one already approved by the TPB and the other additional items (machinery and input items) requested by the Company for duty exemptions on their imports, would be prepared by the Engineering Development Board (EDB). A cost-benefit analysis of the Company’s subject investment will be done, taking into account the cost of imported panels and panels that will be exported and sold locally. EDB will also identify localized items with sufficient capacity from the Company’s list for duty and tax exemptions. Furthermore, a comprehensive cost and benefit analysis of the Company’s investment will be conducted, considering both the cost of imported panels and those manufactured by the Company, resulting in both export and local sales. EDB’s evaluation will assess the value addition by the Company in the local manufacturing of solar panels. This evaluation will be shared with the SIFC working group in its next meeting for finalizing recommendations to TPB.