President of Korangi Association of Trade and Industry (KATI) Masood Naqi has urged the government to reform the laws regarding 'doing business' to improve business climate. "According to international business climate rankings, Pakistan's position has been from 136th to 138th, this year," he said on Tuesday adding that environment for doing business was not smooth due to current laws and regulation.
He said that documentation issues regarding credit , complex taxation system, complicated procedure of transfer of funds, payment and receipts for business purposes and other laws were impeding medium and small businesses. He said that rules and regulations relating to licensing and permissions were also troublesome for the industry.
"Workmen Compensation Act, Factory Act, Labour Laws and other laws related to industry were amended at provincial level without any meaningful consultation with business community. In spite of anomalies about new laws brought to notice by business community, but no change was made," he said urging that amendments to the current laws alongside new laws were needed to pave way for business-friendly environment. KATI president praised federal government for initiating a process to reform the relevant laws for the betterment of business climate in the country and new company act. However, he called upon the federal government to take all stake-holders on board in this process. He said there were ambiguities on federal and provincial legislating mandate vis-à-vis business and industry that must be cleared.