Staff Reporter
Islamabad
Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh Tuesday chaired a meeting to discuss measure that could facilitate the investors to bring in more investment to the country to boost up the country’s pace of development.
During the meeting, Chairman Board of Investment (BoI), Atif R. Bokhari discussed with the Adviser the investment prospects available in the country and the areas and fields where foreign investors could show interest and make investments leading to overall economic development and increase in the GDP growth rate.
The problems faced by the foreign investors post COVID-19 environment were also discussed, according to a news release issued by the Finance Ministry.
The Chairperson Federal Board of Reveneu (FBR) also apprised the Adviser on the details of ongoing discussion on tax matters with the foreign investors and shared views and expectations with regard to the upcoming budget.
The Adviser directed that the foreign investors shall be facilitated as far as possible keeping in view the prevailing environment and observing the policy guidelines.
Meanwhile, talking to a private news channel, Dr Abdul Hafeez Shaikh said that the government would not impose any new taxes in the upcoming budget for the fiscal year 2020-21 to facilitate the industry and help check contraction of economy.
“No new taxes would be introduced in the upcoming budget and we will not take any tax measure that overburdens our industry,” Hafeez Shaikh said.
He said that in current times when global economy was badly affected by COVID-19 (Coronavirus) pandemic, there was need to help expand economy, instead of enhancing tax rates.
He said that the government would rather provide incentives to the sectors that could create more job opportunities and the sectors that generate activities in many related industries to have multiple economic effect.
He cited the example of construction sector, for which the government had already announced a relief package to boost economic activities and provide employment opportunities.
The adviser said that government would also zero rate different tariffs, while the existing export incentives would not only be kept in tack, but would be further enhanced.
The government in the upcoming budget would also decrease various duties on import of raw materials to reduce the cost of doing business.
He said that efforts would be made to maintain the subsidies provided in the corona period to ensure liquidity to commercial and industrial units through various initiatives.
However, the adviser stressed the need for enhancing non-tax revenues, adding that during the current fiscal year, the country had surpassed the Rs1.1 trillion collection target of non-tax revenues.
To a question, he said that due to the contraction of global economy, the exports from the country would definitely suffer. He feared that in the current global consumption crisis, if the external demand reduces, the country’s exports would not increase as needed despite government initiatives and efforts at domestic level.