BOI for focussing on ease of paying taxes to promote businesses

ISLAMABAD, June 9 (APP):The Board of Investment (BOI) on
Friday said the government was focussing on ease of 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,” spokesman of the BoI Shah Jahan Shah told APP here.
Business environment could be improved further by giving
consideration to 70 withholding provisions 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.
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.
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 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 that priority of BOI was to reviving the confidence of
foreign investors to ultimately boost foreign investment in the
country.