Institutional Reforms - Ease of doing business, Global Competitiveness Index; e-commerce enablement

Opportunity size and ease of doing business drive local and foreign business investment. Key pain points highlighted during the session included tax rates, number of compliances and related payments, discretionary power / misuse to attach bank accounts, challenges with inward remittance on account of growth capital/equity, lack of framework on cross border transactions for e-commerce reaching out to global customer base, and weak contract and intellectual property (IP) rights enforcements. Reform: can only be effective if there's a transparent and healthy collaboration between public and private sectors with an aim of national wealth, revenue and job creation.
Recommended Action - propose 3-5 critical reforms for taxation laws, arbitration laws and IP laws; digitise tax authorities to consolidate and simplify sales tax/VAT filing and refunds, engagement of international payment services; create awareness around IP laws and its implications.