KARACHI: Foreign investors are of the view that socio-political environment and governance issues in Pakistan are big challenges to foreign investment, which should be five times more than the current level keeping in view the country’s potential.
Overseas Investors Chamber of Commerce and Industry (OICCI) President Humayun Bashir expressed these views during a meeting with Federal Board of Revenue (FBR) Chairman Mumtaz Haider Rizvi, Shahid Hussain Asad, Member Inland Revenue and other senior FBR officials. They discussed taxation proposals for the 2012-13 budget.
Earlier, the FBR chairman expressed surprise over relatively low level of proposed investment of $3 billion in four to five years by OICCI members.
The OICCI president said foreign investors operating in Pakistan viewed government policies favourably but 79% were critical of policy implementation. Highlighting the contribution of OICCI members to Pakistan’s economy, Bashir said they fully paid their taxes which amounted to over Rs300 billion by just 100 of the 189 members in 2011.
In its taxation proposals, OICCI has recommended documentation of economy without exception and asked for doing away with all exemptions and amnesty so that all segments of the society proportionately contribute to the development of the country.
Published in The Express Tribune, April 10th, 2012.
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