ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a number of measures to the Finance Ministry for inclusion in the upcoming budget to boost both local and foreign direct investment in the country.
These measures, especially pertaining to the import duty, customs tariffs and others are meant to accelerate the pace of investment in the country,” source told Customs Today.
The source recalled that the FBR had also been moving a number of proposals of the same kind to the Finance Ministry in the previous budgets. Resultantly, local investment increased by 14.26 percent from $94.76 billion in 2010-13 to $108.28 billion in 2013-16. Similarly, the foreign direct investment increased by 54.2 percent from $2.857 billion in March, 2010-13 to $4.405 billion in March, 2013-16.
“Following the past practice, the source said that this year, FBR again has moved concrete proposals to the Finance Ministry and expects good and positive outcomes” the source added.
The source said that an action plan was devised to make improvement in all the ten (10) business indicators of ease of doing business namely starting a business, paying taxes, trading across borders, enforcing contracts, access to credit, construction permits, getting electricity, protecting investors, resolving insolvency and registering property in the light of last year’s proposals of the FBR.
In this regard, Finance Ministry achieved virtual / physical one stop shop established for registering a new company. Pilot projects of commercial courts started in Punjab, automation for custom clearance through WeBOC and tax filing. BOI, in consultation with provincial governments identified twenty nine (29) sites for establishing Special Economic Zones alongside China-Pakistan Economic Corridor” the source maintained.
Owing to these recommendations of FRB Finance Ministry could achieve the current status of foreign and local investment.
