ISLAMABAD: Board of Investment (BoI) on Thursday said the Foreign Direct Investment (FDI) had exceeded to $ 2 billion during July to May 2016-17, up 22.6 percent increase as compare to previous year.
The Board of Investment (BoI) would be reviewed the investment strategy 2013-15 in light of new realities for evolving the mechanism for modernization and staff capacity building with the collaboration of World Bank (WB), spokesman of BoI Shah Jahan Shah said. He said the government was focussing on paying taxes in order to ensure ease of doing business for local and foreign investors.
“We are focusing on tax reforms and would take further steps to simplify payment of taxes mechanism for the local and foreign investors,” BoI spokesman said.
He said an effective system of taxation helped in formalizing the economy, encourages economic growth, shapes political cohesion between tiers of the government and results in increase in social sector service delivery.
BoI spokesman stressed that there was dire need to reform the taxation regime particularly reducing the administrative burden on tax payers through merging and addressing the multiplicity of taxes, tax payments and tax collecting agencies.
He said the government would hold road shows in China, Italy, Singapore, United Kingdom and United Arab Emirates including all big economies in coming few months for increasing Pakistan’s Foreign Direct Investment.Through new work plan, BoI would hold road shows in collaboration with chambers of commerce and industries and All Pakistan Textile Mills Association (APTMA) for focusing on textile and steel industry. He said priority of BoI was to reviving the confidence of foreign investors to ultimately boost foreign investment in the country.
