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ISLAMABAD (February 08 2007): The Planning Commission has recommended imposition of capital gains tax on stocks transaction and real estate deals to discourage speculative and non-productive investment, official sources told Business Recorder here on Wednesday.
This is part of a new 'export strategy' drafted by Planning Commission Deputy Chairman Dr Akram Sheikh, without involvement of Planning Division Secretary, to be considered at a meeting under the chairmanship of Prime Minister Shaukat Aziz. The date of the meeting has not yet been finalised, sources added.
They said that the Planning Commission has also proposed to the government to follow 'Malaysian model' for attracting investment in productive sectors. "Discourage investment in non-productive and speculative activities by levying capital gains tax on real estate and stock transactions," sources quoted Planning Commission as having recommended to provide an enabling business environment.
The Commission said that it was satisfied with the present pace of Foreign Direct Investment (FDI), but suggested that concentration should be shifted from telecom, financial and oil and gas sectors to export-oriented manufacturing sector.
Investment in the productive sectors should be encouraged through policy support and effective incentives regime by allowing tax breaks and credit for human resource development, technology upgradation or transfer, investment allowances, support of registration of patents, trademarks and product licensing abroad, the planning Commission said, according to sources.
It has also been proposed that incentives scheme should be launched for promotion/acquiring of brand names for which concerned ministries should be asked to prepare industry-specific policy support and incentive regimes, in consultation with Central Board of Revenue (CBR).
The 'Malaysian model' includes medium to high tech activities relating to electronics, scientific and medical, biotech, electro-optic, automation, advanced materials, manufacturing of textile, quarrying, agriculture and material handling machinery. Activities generating more industrial linkages may include rubber, plastic, iron, steel, textile, metal casting, machine transport equipment and accessories.
It has also been suggested that Sialkot, including airport, be declared as 'export city', as 90 percent of its output is being exported. The Commission, in its report also discussed the negative impact of political demonstrations on business activities, which caused loss of billions to the country.
"Political demonstrations may only be allowed in the designated areas and, for this purpose, necessary amendments be made in the rules and laws in the light of those prevailing in other countries, like UK," sources quoted the Commission as saying.
The Commission is also of the view that visa processing in Pakistan's embassies is cumbersome and expensive besides payment of $100 as visa fee. It has recommended that Turkish visa system should be adopted so that citizens from the designated countries be eligible for visa on arrival.
It has been recommended that simple printed visa stamp on payment of $20 be affixed on the passport. The PC has also suggested raise in skill base and competitiveness, revamping of existing physical infrastructure, establishment of new industrial estates/export cities, and industrial parks along the national corridors.
http://www.brecorder.com/index.php?id=526254&currPageNo=1&query=&search=&term=&supDate=
finally some one with brains.its about bloody time they realize the right path.love it love it love it excellent this is exactly what we need to do
This is part of a new 'export strategy' drafted by Planning Commission Deputy Chairman Dr Akram Sheikh, without involvement of Planning Division Secretary, to be considered at a meeting under the chairmanship of Prime Minister Shaukat Aziz. The date of the meeting has not yet been finalised, sources added.
They said that the Planning Commission has also proposed to the government to follow 'Malaysian model' for attracting investment in productive sectors. "Discourage investment in non-productive and speculative activities by levying capital gains tax on real estate and stock transactions," sources quoted Planning Commission as having recommended to provide an enabling business environment.
The Commission said that it was satisfied with the present pace of Foreign Direct Investment (FDI), but suggested that concentration should be shifted from telecom, financial and oil and gas sectors to export-oriented manufacturing sector.
Investment in the productive sectors should be encouraged through policy support and effective incentives regime by allowing tax breaks and credit for human resource development, technology upgradation or transfer, investment allowances, support of registration of patents, trademarks and product licensing abroad, the planning Commission said, according to sources.
It has also been proposed that incentives scheme should be launched for promotion/acquiring of brand names for which concerned ministries should be asked to prepare industry-specific policy support and incentive regimes, in consultation with Central Board of Revenue (CBR).
The 'Malaysian model' includes medium to high tech activities relating to electronics, scientific and medical, biotech, electro-optic, automation, advanced materials, manufacturing of textile, quarrying, agriculture and material handling machinery. Activities generating more industrial linkages may include rubber, plastic, iron, steel, textile, metal casting, machine transport equipment and accessories.
It has also been suggested that Sialkot, including airport, be declared as 'export city', as 90 percent of its output is being exported. The Commission, in its report also discussed the negative impact of political demonstrations on business activities, which caused loss of billions to the country.
"Political demonstrations may only be allowed in the designated areas and, for this purpose, necessary amendments be made in the rules and laws in the light of those prevailing in other countries, like UK," sources quoted the Commission as saying.
The Commission is also of the view that visa processing in Pakistan's embassies is cumbersome and expensive besides payment of $100 as visa fee. It has recommended that Turkish visa system should be adopted so that citizens from the designated countries be eligible for visa on arrival.
It has been recommended that simple printed visa stamp on payment of $20 be affixed on the passport. The PC has also suggested raise in skill base and competitiveness, revamping of existing physical infrastructure, establishment of new industrial estates/export cities, and industrial parks along the national corridors.
http://www.brecorder.com/index.php?id=526254&currPageNo=1&query=&search=&term=&supDate=
finally some one with brains.its about bloody time they realize the right path.love it love it love it excellent this is exactly what we need to do