Pakistan must focus on improvement of tax reforms


Salim Ahmed

Lahore—Executive Director for Bangladesh & Sri Lanka of TUV Austria David Embery has said that Pakistan must focus on improvement of law and order, educational reforms, tax reforms, and more business and investment friendly laws to encourage better development of the human resource capital and attract foreign investors. He was addressing the Annual Budget Symposium for Asia Pacific Region for the year 2017 organized by TUV Austria Pakistan here Monday.
Presently, Pakistan’s new tax laws applicable on the service sector are detrimental keeping in mind that service sector is 52 percent of the GDP (gross domestic product) whereas in India the taxation on service sector is being relaxed to attract more investment, he added. He further said that Pakistan has both the geopolitical location as well as huge potential to be able to enter the developed countries sooner than later. He also appreciated the TUV Austria Pakistan for organizing the event that brought together the chief executives from Asia as well the Central Europe.
TUV Austria Pakistan Chief Executive Officer and Regional Director Asia Pacific Rashid Mehr said the economic situation of Pakistan is obviously improving and we are moving forward in the right direction to achieve the desired growth which Pakistan and its people rightly deserve. Such symposiums provide a platform to international entrepreneurs to see how progressive Pakistan’s economy is getting, over the past years. This is obviously due to the improved law and order situation which has now started encouraging foreigners to visit Pakistan freely and with a piece of mind. Today, is not only an important day for TUV Austria but for Pakistan as it is witnessing an important conference being held in the beautiful and cultural headquarters of Pakistan, Lahore. “We are proud to host people from Australia, China, Thailand, Bangladesh, Sri Lanka, Singapore, Austria and Holland” he said.
Dr. Reinhard Preiss International Executive Director Industry and Energy Business while speaking on the occasion said it is a matter of satisfaction that Pakistan’s economy is growing fast during recent years while law & order situation has tremendously been improved since 2013. Such symposiums can bring together countless beneficiary International business relationships. Rob Bekkers International Executive Director Life, Trainings and Certification asked the international companies and businesses to engage with Pakistan as it has great human resource capital, infrastructure & opportunity in the energy, oil & gas, infrastructure and service sector.