KARACHI: Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has proposed that an amendment in the tax laws should be introduced enabling the companies to provisionally settle their taxation and customs disputes through furnishing corporate guarantees to the government; instead of bank guarantees or pay orders.

He said that the above proposal has been welcomed by Senate’s Committee on Finance, as well as, the traders’ community across Pakistan.

Appreciating the ease of trade initiatives by the government, he said that these initiatives have the potential to create a friendly trade promotion environment.

Resultantly, Pakistan has been recognized as one of the most proactive countries in the region which is promoting regional trade through radical changes in its trade policies through pragmatic initiatives, facilitative measures and support mechanisms.

Maggo; however, pointed out a few impediments by vested interests and troublemakers that can jeopardize the initiatives; which will not be in the national interest, if not addressed in a timely manner.

He also applauded the Authorized Economic Operators (AEO) program for its potential to minimize the cost of doing trade and business through facilitation across all government departments and ministries.

AEO program will also help Pakistani traders to compete with regional and international players in the global markets though focusing their energies on their trade activities; rather than dealing with regulatory authorities all the time, he added.

Copyright Business Recorder, 2021