Prime Minister’s Advisor on Commerce Abdul Razak Dawood has revealed that Pakistan has improved its “ease of doing business” ranking by 11 points.
He told this in a joint media briefing with Chairman Board of Investment Haroon Sharif. “Pakistan has improved its ranking by 11 points in doing business report 2019 for the first time in one year,” said the PM advisor.
Dawood further said that Pakistan is working hard on reforms to improve the ease of doing business in the country. He also said that the government has set up an integrated web portal for the registration of new businesses to save time.
Now, a company can get registered in one day with the Securities and Exchange Commission of Pakistan (SECP), he added. The dignitaries apprised the media that there is complete automation of property registration in place in Punjab online. This cuts down on time drastically while improving the quality and transparency of the land administration.
“The salient features of reforms also include online payment of federal and provincial taxes and now the number of these payments has been reduced from forty-seven to ten. Online payments will help Pakistan improve its ranking in paying taxes indicator,” he said.
PM’s Advisor and Chairman BOI said that K-Electric has simplified the process of acquiring a commercial electricity connection by going online, due to which customers can track their application as well.
They said that the government has set up dedicated ease of doing business offices at federal and provincial levels to remove hurdles and facilitate investors in business operations.
The BOI chairman said that it is the government’s priority to render business entry and operations faster, easier, and cheaper. He added that the next step will be to remove the unnecessary regulations and permissions, No Objection Certificates, and inspections.