Daily Times
July 18, 2021
Chairman Pakistan Industrial and Traders Associations Front (PIAF) Mian Nauman Kabir expressing serious concern over the declining trend in foreign direct investment has said that FDI remained negative and posted a decline of 29 percent during the last fiscal year (FY21) despite some positive developments on the economic front.
Quoting the State Bank of Pakistan, he said that foreign investors invested $1.85 billion in Pakistan on account of FDI during FY21 compared to $2.50 billion in same period of FY20, down by $750 million. During the period under review, the country fetched FDI inflows amounted to $3 billion against the outflow of $1.16 million. A massive fall in the FDI has been attributed mainly to a major fall in the Chinese investment in CPEC projects, as net FDI from China was down by over 10 per cent to $758 million in FY21 compared to $847 million FDI in FY20.
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Govt urged to enhance liaison with businessmen
Officials say it will help broaden tax base and enhance tax-to-GDP ratio
TRIBUNE CREATIVE
KARACHI:
Businessmen have urged the government to enhance liaison with the business community to broaden tax base and enhance tax-to-GDP ratio, as new measures taken by the Federal Board of Revenue (FBR) are not bearing fruit as per expectation.
The authorities should improve liaison with the business community, who are the real stakeholders, broaden the tax base and enhance the tax-to-GDP ratio, as the number of active taxpayers has declined by 30% to below 2.2 million, said former Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Anjum Nisar.