Removal of vague regulatory regime processes assured

ISLAMABAD: Adviser to Prime Minister on Commerce Razak Dawood on Friday emphasised the need to take the business community on board to remove vague and inefficient processes in the regulatory regime.

Dawood said the government aims to provide a business-friendly and hassle-free environment to invite more domestic as well as foreign investments from business community. There is a need to pursue aggressive communication and advocacy campaign to highlight a success story of the Khyber Pakhtunkhwa government that removed “unnecessary local government registration, licences and NOCs (no-objection certficates)”.

“Other provinces should also follow in their footsteps,” he said addressing a meeting to review progress on Pakistan Regulatory Modernization Initiative (PRMI).

The government last year formed a PRMI steering committee ease regulatory framework for businesses. The committee comprises secretary commerce, chief secretaries, Federal Board of Revenue, Board of Investment, Securities and Commission of Pakistan chairmen, presidents of Federation of Pakistan Chamber of Commerce and Industry and chambers from Lahore, Karachi and Faisalabad and Pakistan Business Council. An official document said business firms in Pakistan face challenge of complying with complex multi-tiered, costly, paper-based, inefficient and un-coordinated regulatory regime with over 40 regulatory agencies.

“Vague and inefficient processes is promoting corruption and forces businesses to avoid registrations and licencing,” it said. “International business entities avoid dealing with non-registered / non-licenced businesses in Pakistan.” PRMI aims at mapping, rationalising, modernising and digitising compliance with regulatory governance and digitalisation of all business-to-government payments of related fees through a centralised business portal. Discussing the taxation issues, the commerce adviser called for a plan to facilitate businesses, particularly with respect to customs clearing issues on the ports.

Dawood asked the Board of Investment to build capacity and ensure hand holding of small provinces and regions for effective launching of similar regulatory reforms process in their areas.