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LAHORE, Feb 12 (APP):Convener Federation of Pakistan Chamber of Commerce and Industry regional committee on food,Shahid Imran said on Wednesday that to achieve sustainable growth,the government must promote digital documentation, encourage business registration and implement policies that incentivize formal economic participation.
Talking to a delegation of industrialists here,he said documentation plays a crucial role in ensuring sustainable economic growth in Pakistan.A well-documented economy allows for better governance,increased transparency, and improved economic planning.Without proper documentation,economic activities remain informal,leading to tax evasion,corruption and inefficient resource allocation.
He said one of the key benefits of documentation was enhancing the tax base.
Pakistan faces a significant challenge of low tax compliance, with a large portion of the economy operating in the informal sector.Proper documentation of businesses,transactions and incomes can help bring more people into the tax net, increasing government revenue.
This,in turn,enables the government to invest in infrastructure,education,healthcare and other sectors essential for long-term growth.
Shahid Imran highlighting its importance said documentation improves access to financial services.Many small businesses in Pakistan struggle to obtain loans due to a lack of proper records.
By maintaining financial documentation,businesses can build credit histories,making it easier for them to secure funding for expansion.This leads to job creation and economic stability.Documented economies attract foreign investment.Investors seek transparency and accountability before investing in any country.
Proper documentation of economic activities assures investors of a stable business environment, leading to increased foreign direct investment (FDI),he concluded.