KARACHI: Mian Nasser Hyatt Magoo, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that tax regulations which are not generating any revenue and investment should be removed.

He said that some laws are badly hurting inflow of investment and ease-of-doing business.

The foreign investors are completely aware of doing business in Pakistan but fears of inconsistency in policies and complicated taxation system deters them.

The FPCCI president while discussing various impediments in the FPCCI Advisory Council on Budget headed by Zakariya Usman (former president FPCCI) stated that various laws and regulations in our economic, trade, finance and taxation systems are either obsolete or complicated that do not help to generate revenue but hurting doing business in Pakistan.

The Advisory Council also discussed the issue of updated list of locally manufactured items which is not available and is huge impediment while importing raw materials, parts, machinery, plants etc. Some items are being imported under free or preferential treatment due to FTA/PTAs and therefore, compete with the local manufacturing.

The Advisory Council proposed pro-active role of National Tariff Commission to protect local industry through feasible and appropriate protection.

Copyright Business Recorder, 2021