ISLAMABAD: Federal Minister for Science and Technology Syed Shibli Faraz has approved the exemption of marking fee for the Small and Medium Enterprises (SMEs) of business turnover up to Rs50 million.

In accordance with the vision and directives of Prime Minister Imran Khan, the Ministry of Science and Technology is keen to take all steps to facilitate Small and Medium Enterprises and ease of doing business.

During the 23rd meeting of the board of directors of the Pakistan Standards and Quality Control Authority (PSQCA) held, it was approved that the Small and Medium Enterprises (SMEs) of business turnover up to Rs50 million will be exempted from the levy of marking fee and it was also decided to facilitate with the reduction in the marking fee of more than 1,500 industries (manufacturers of compulsory products) registered with the PSQCA to give them relief due to inflation and to support the local industry.

The PSQCA marking fees was previously revised in the year 2008 at the rate of 0.05 per cent ex-factory price for food items and 0.1 per cent ex-factory price of non-food products.

The industry was dissatisfied with the decision and requested to revise the marking fees on a flat rate basis.

The decision of the present government has resolved the long pending demand of the industry. The proposal; thus, facilitates the micro, small, medium and large enterprises of food, as well as non-food producing enterprises through fixed and flat rates calculated on the basis of the 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 increase the size of the formal economy.