ISLAMABAD: After lots of complaints from business community and investors the Government has finally decided to revise existing complex tax structure with aiming to simplify and rationalize the tariff structure to facilitate traders and business community.
The measures would have also been taken to revise investment policy to attract Foreign Direct Investment (FDI) in the country.
According to well placed sources at Finance Ministry, net FDI declined to 27% during period of July-Dec of FY2013-14 because during this period an outflow of $536.5 million was witnessed as compared to the inflow of $ 952.6 million. However, net FDI received in the country during the period from July-March 2013-14 was $ 670 million whereas volume of FDI was $ 631 million for the same period of previous year.
The sources said that the government was going to operationalize Special Economic Zones (SEZs) Act 2012, for industrial clusteralization in the country. Under investments policy 2013, FDI strategy 2013-17 has been implemented and come into effect.
The revised Investment Policy focused on reducing the cost of doing business, providing ease of doing business with creation of industrial clusters as Special Economic Zones (SEZs). FDI Strategy 2013-17 has been designed to implement the policy provisions.
“To improve the investment and business environment in Pakistan, Board of Investment (BOI) in consultation with stakeholders and provincial governments has been working to simplify the procedures and reduce time/cost for business community,” the source further added.