The raw materials required to produce solar energy products would no longer be subject to customs taxes, according to Senator Ishaq Dar, the minister of finance and revenue, who made the announcement on Friday. “This exemption encompasses essential components such as inverters, solar panels, and batteries, marking a positive step towards promoting renewable energy in the country,” the minister said when announcing the federal budget for the fiscal years 2023–2024. Dar stressed that Pakistan’s energy requirements were being met at a high cost through imports, which was driving up inflation.
He stressed that the dependence of the country on these expensive imports is a significant factor in the country’s rising costs and current economic problems.
In order to optimize the usage of local coal and assist renewable energy projects, the government was eager. The energy output of Pakistan, according to the minister, is largely dependent on crude oil and goods made from refined petroleum. However, when bringing in these vital supplies, the nation frequently encountered problems with the supply system. He claimed that the government is creating a Bonded Bulk Storage Policy for POL Products to aid in the storage of petroleum products.