*BEIJING: **Pakistan’s economic policy in PTI government first year hasproduced remarkable results, Chinese financial daily has revealed.*
*The economic policy of Pakistan under Prime Minister Imran Khan’sgovernment has achieved remarkable results during the last one year, one ofthe largest financial news portals in China, Sina Finance said in itsreport.*
The report shows that the Pakistani economy has emerged from the crisis inthe past year and has gradually stabilized, the Chinese news portalcommented over a report released by the government of Pakistan recently oncompletion of its first year.
The positive trend of the economic policy is significant Sina Financereport said.
Improvement of business environment, increase of taxation scale, theadjustment of development focus and the optimization of foreign-relatedcooperation are its outstanding features news portal said.
The positive changes in the above-mentioned strong base have laid arelatively reliable foundation for the development of Pakistan in the nextstage.
The optimization of the business environment is conducive to expanding theattraction of foreign investment, news portal said.
In the past year, the government’s main investment department responsiblefor attracting foreign investment has approved the establishment of 11special economic zones, which are located in the four provinces of thecountry, report pointed out.
In addition, in order to improve the ease of doing business, Pakistan hasalso implemented a series of reform measures, report said.
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Taking the establishment of a company as an example, the new companyregistration can be completed within one working day, the power supply canbe in place within three months to four months, and the new buildingconstruction permit can be approved within about three months.
At the same time, the government has set up a 24-hour hotline to answerquestions and provide convenience for investors.
Under the influence of a series of positive measures, the ranking of theBar Business Convenience Index has steadily increased by 11 ranks from 147to 136.The increase in the size of the tax will help alleviate the fiscaldeficit.
The report shows that the government’s series of tax reforms implemented inthe past year have achieved remarkable results.
In July this year, the total domestic tax revenue of Pakistan was 234billion rupees (about 1.45 billion US dollars), an increase of 60%year-on-year, and basically reached the target of 236 billion rupees.
In the fiscal year of 2018/2019, the number of new taxpayers in Pakistanincreased by 350,000, an increase of 137% over the previous fiscal year,report said.
The situation of Pakistan’s fiscal deficit will gradually ease as long asthis positive momentum is maintained.
