Business

wind power equipment may be waived to boost production

The federal government has proposed to eliminate taxes associated with manufacturing of solar and wind energy equipment in the country, in an effort to boost the production and use of renewable power and overcome power shortages.
A new government bill, expected to be approved in parliament within a month, would give renewable energy manufacturers and assemblers in the country a five-year exemption from taxes.
The country is paying the heavy cost of an ongoing energy crisis prevailing for the last many years, Finance Minister Asad Umar said last week in a speech in parliament about a mini-budget.
In this difficult time, the promotion of renewable energy resources like wind and solar has become indispensable.
Only five to six per cent of power to the national electricity grid currently comes from renewable energy, according to the Alternate Energy Development Board (AEDB).