The National Assembly''s Standing Committee on Finance has recommended that the Board of Investment (BoI) should facilitate foreign investors for development of the Special Economic Zones (SEZs) under the umbrella of China-Pakistan Economic Corridor. According to minutes of a recently held meeting, the finance committee has been informed that SEZs will be developed by public sector, private sector and public-private partnership basis.

The secretary Board of Investment while briefing the committee stated that one-time exemption from all customs duties and taxes for plant and machinery imported into Pakistan for the development, operation and maintenance of the SEZ would be provided to industrialists/investors.

The committee recommended that BoI should facilitate the foreign investors by providing them facilities in Pakistan including their boarding and lodging to attract the investors in the country for development of the SEZ under the umbrella of the CPEC.

On agenda item of Controller General of Accounts appointments, Functions and Powers (Amendment) Bill, 2017, the additional secretary finance informed the committee that same is also being discussed by the Senate Standing Committee on Finance.

He further stated that the committee has recommended that all concerned departments will complete their work till January 2018. Upon this, the committee decided that Ministry of Finance will also present the outcome of the Senate committee in this committee for its further consideration.

The committee also invited some former government officials to seek their suggestions on the problems in various areas of the economy. Abdullah Yousuf, former Chairman FBR (special invitee) stated that the government should redress causes of fiscal deficit, privatization and power sector. He said that circular debt has increased to the same level of 2013 which reflects that the structural problems remain unaddressed.

He said that there is need for imitating comprehensive tax policies in the country for which the government must expand the tax net. The committee recommended that Finance Ministry should be asked to provide a detailed proposal on the economy for consideration of the committee.

The committee also recommended that the government should review its policies regarding regulatory duties and antidumping duties, recently imposed on different products by the Federal Board of Revenue, which have caused grave concern among the business community.

Copyright Business Recorder, 2017