Senate Panel Tells Govt To Halt IMF Backed Phaseout of Economic Zones

Meanwhile, a Senate finance subcommittee has pressed the administration to renegotiate with the International Monetary Fund over intends to phase out Pakistan's Export Processing Zones and Special Economic Zones by 2035, warning that the move could hurt industrial activity, exports and investment.

Key points

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• The Securities and Exchange Commission of Pakistan additionally briefed the committee on unauthorized share transfers and legal disputes involving forged signatures and other unlawful practices.
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• The panel, chaired by Senator Talha Mahmood, additionally examined difficulties faced by exporters and businesses in banking transactions.
• The panel was separately briefed on the National Auto Policy and measures to backing electric vehicle adoption.

Notably, the Ministry of Industries and Production informed the Senate Standing Committee on Finance and Revenue that the phaseout is part of the IMF's Extended Fund Facility conditionality aimed at bringing different sectors under a uniform tax regime. After reviewing the matter, the subcommittee recommended that the administration seek changes to prevent EPZs and SEZs from being adversely affected.

For context, the panel, chaired by Senator Talha Mahmood, additionally examined difficulties faced by exporters and businesses in banking transactions. It pressed practical alternatives to bank guarantees and cheques, including insurance guarantees where permitted. The Federal Board of Revenue remarked it would examine the problem. Pakistan's Economy Needs to Heat Up: Ahsan Iqbal.

For context, the committee additionally discussed measures to improve tax administration and taxpayer facilitation. It recommended the employ of facial recognition technology for taxpayers whose fingerprints cannot be verified and directed the FBR and National Database and Registration Authority to coordinate on the problem. The FBR was additionally asked to provide a list of office-holders holding dual nationality or permanent foreign residency.

Meanwhile, the panel was separately briefed on the National Auto Policy and measures to backing electric vehicle adoption. It was informed that viability gap funding is available to backing the initial establishment of 3, 000 EV charging stations nationwide. The committee additionally discussed early market closures affecting businesses during power outages, with office-holders linking recent power constraints to disruptions in RLNG supplies and subsequent load management measures.

For context, the Securities and Exchange Commission of Pakistan additionally briefed the committee on unauthorized share transfers and legal disputes involving forged signatures and other unlawful practices.

While lawmakers called on the FBR to strengthen engagement with businesses and improve the ease of doing business, the committee was informed that the SECP is digitalizing the share market and taking action against individuals and businesses involved in illegal activities. Stay Connected with ProPakistani.

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For now, senate Panel Tells Govt To Halt IMF Backed Phaseout of Economic Zones remains the part of the story worth watching, and further updates are likely as more details are confirmed.