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SMEs of business turnover up to Rs 50 million exempted from levy of marking fee

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ISLAMABAD, Pakistan: The Federal Minister for Science and Technology Senator Syed Shibli Faraz has approved the exemption of marking fee for Small and Medium Enterprises (SMEs) of business turnover up to Rs 50 million.

In accordance with the vision and directions of Honourable Prime Minister Imran Khan, the Ministry of Science and Technology is keen to take all steps in facilitating SMEs and ease of doing business.

In the 23rd Meeting of the Board of Directors of Pakistan Standards and Quality Control Authority (PSQCA), it was approved that Small and Medium Enterprises of business turnover up to Rs 50 million will be exempted from levy of marking fee.

It was also decided to facilitate the reduction in the marking fee of more than 1,500 industries (Manufactures of Compulsory products) registered with Pakistan Standards and Quality Control Authority to give them relief due to Market inflation in business to support the local industry.

The Small and Medium Enterprises (SMEs) play an important role in the economy, contribute up to 40% of national income (GDP) employing cast numbers of people and helping to shape innovation.

Thus, such incentive will impact on overall industrial climate, investments, and jobs creation in the economy.

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