The Economic policy of Pakistani adopted by the current government headed by Prime Minister Imran Khan over the past year has yielded remarkable results, reported Sina Finance, one of the largest financial news portals in China on Friday.
According to reports, the Pakistani government recently released the first year of its report on the results of the administration. The report shows positive trend of the economic policy that reflects the stability of the Pakistani government is significant.
Positive changes in improvement of business environment, the increase of taxation scale, the adjustment of development focus and the optimization of foreign-related have laid a relatively reliable foundation for the development of Pakistan in the next stage
The report said that over the past year, the main investment department of the Government of Pakistan to attract foreign investment has approved the creation of 11 special economic zones, spread across the four provinces of the country.
In addition, in order to improve the ease of doing business, Pakistan has also implemented a series of reform measures. Taking the establishment of a company as an example, the new company registration can be completed within one working day, the power supply can be in place within three months to four months, and the new building construction permit can be approved within about three months.
In the course of business, taxes, social security, and pension payments can be paid online. At the same time, the government has set up a 24-hour hotline to answer questions and provide convenience for investors. Under the influence of a series of positive measures, the ranking of the Bar Business Convenience Index has steadily increased from 147 to 136. The increase in the size of the tax will help alleviate the fiscal deficit.
The report shows that the series of tax reforms implemented by the government over the past year have yielded remarkable results. In July this year, Pakistan’s total domestic tax revenue was Rs.234 billion, an increase of 60 percent over the previous year, and almost reached the target of 236 billion rupees.
The expansion of tax revenue is inseparable from the increase in taxpayers. In the fiscal year of 2018/2019, the number of new taxpayers in Pakistan increased by 350,000, an increase of 137% over the previous fiscal year. As long as this positive momentum is maintained, the situation of the Pakistani fiscal deficit will gradually ease.
In addition to focusing on short-circuiting in regional distribution, the Pakistani government is also committed to cultivating new poles of economic growth in areas of high potential through the use of development funds. It set up a knowledge-intensive and technical economic development working group and allocated 14 billion rupees to an incubation fund for 27 projects.
The report pointed out that an important achievement of the Pakistani government in the past year has been the expansion of the connotation of the China-Pakistan Economic Corridor, which further includes market access and industrial development in addition to traditional priorities such as energy project infrastructure construction.
New areas such as poverty reduction through people’s livelihoods, agricultural modernization and the marine economy have allowed the corridor to keep pace with its times and better meet the needs of economic development of Pakistan.
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13 November, 2019