A Summary of Economic Developments and Initiatives in 1402

KABUL, Feb. 04 – Zabaihullah Mujahid in a statement on his X said that significant initiatives undertaken by the Ministry of Finance of the IEA at the national level to enhance the country’s economic situation include:

 

1. People’s Loans and Guarantees:

Approximately 180 billion Afghanis of loans, guarantees, and commitments from the previous administration in Kabul are being addressed. The Ministry of Finance is allocating 10 percent, which serves as a reference, and is responsible for making these payments.

 

2. Timely Salary Payments:

The Ministry of Finance ensures the regular payment of salaries to nearly 1 million government employees each month, with 86,981 of them being female employees.

 

3. Customs Duty Reduction:

Customs duties on essential food items imported into the country have been reduced by up to 70 percent, aiming to make them more affordable for the public.

 

4. Support for Domestic Industry:

To foster growth and support the domestic industry, the customs duty on certain imported items has been increased. Additionally, priority is given to facilitating the export of goods through the country’s customs.

 

5. Tax Penalty Remission:

In an effort to promote the growth and support of the private sector, penalties related to tax arrears from previous years have been waived.

 

6. Tax Exemptions for Educational Institutions:

Private universities, madrassas, and schools are granted a 4 percent quarterly income tax exemption for FY1402, easing their financial burden.

 

7. Extended Working Hours in Customs:

The working hours in the country’s customs have been extended, providing more flexibility and accessibility for trade and transit cargo, thus promoting business growth.

 

8. Tax Exemption for Agricultural, Industrial, and Commercial Sectors:

A 7 percent contractual subject tax exemption has been granted to the agricultural, industrial, and commercial sectors to support their growth and development.

 

9. Reduced Profit Tax for the Industrial Sector:

The quarterly profit tax for the industrial sector has been decreased from 4 percent to 2 percent, aiming to encourage investment and stimulate industrial growth.

 

10. Budget Allocation for Addiction Treatment:

In the national budget for the financial year 1402, a budget of 80,000 to 100,000 Afghanis has been allocated for the treatment of hundreds of addicts, reflecting the government’s commitment to addressing this societal issue.