Govt committed to facilitate foreign investors, provide conducive environment: BoI

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ISLAMABAD, June 7 (APP): Board of Investment (BoI) Wednesday said
the government is committed to facilitate the foreign investors and provide them conducive environment according to the international standards.
“We are focusing on tax reforms and would take further steps
to ease payment of taxes mechanism for the local and foreign
investors,” spokesman of the BoI Shah Jahan Shah talking to APP said.
Business environment could be improved further by giving
consideration to 70 withholding provision of taxes, including clause
(72-B), part IV second schedule of the Income Tax Ordinance, he 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.
He 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.
Shah Jahan Shah said in Pakistan, tax payment was taking more
time and also administrative burden as compared to high income
Organization for Economic Cooperation and Development (OECD)
countries.
He said the business community had demanded inexpensive supply
of energy – electricity and gas for generating more business
activity and growth in the country.
He said foreign investors were keen to invest in various
sectors of economy in the country.
Shah Jahan said a total of seven Special Economic Zone (SEZs)
cells had been approved for facilitating the investors through one
window operation to provide them facility at one place.
“SEZs investors would get the facility for plant and machinery
import without customs duty in all four provinces of the country,”
he added