Profit: Weekly Magazine Pakistan Today
Published Date: Jan 26, 2019
ISLAMABAD: The Minister of State for Revenue Hammad Azhar on Friday said the government will announce a medium-term economic framework in the coming week.
The forthcoming medium-term economic framework will bring measures that will enhance exports and investments, said Azhar while speaking at a seminar on “Economic Reforms: Way forward”, organised by the Sustainable Development Policy Institute (SDPI), reports an English daily.
He shared the government is moving towards execution a direct taxation regime whilst gradually restricting indirect taxes.
Mr Azhar underlined that the supplementary budget which was announced on Wednesday didn’t target fiscal and monetary measures but was an economic reforms package to resuscitate and enhance growth and investment.
The minister of state for revenue added Pakistan is a consumption-based economy and ineffective monetary and fiscal policies in the last ten years had been unable to rekindle growth and increase investment.
While speaking at the seminar, the Board of Investment (BoI) Chairman Haroon Sharif shared the prime minister in his visits to the region in previous six months had reached out to prospective investors to get the economy out of the crisis.
Mr Sharif said the first segment of the China-Pakistan Economic Corridor has already developed.
He added in the second segment, the government had received proposals from Saudi Arabia, China, Malaysia, South Korea and United Arab Emirates (UAE) in various sectors, including the oil industry, renewable energy, hospitality and tourism.
According to the BoI chairman, the investors and the business community had requested the government to reform the tax regime which not is only backward but was deficient of consistency and capacity.
Mr Sharif shared the government had already decreased the total number of taxes from 47 to 16 and plans to further reduce it down to a single tax.