A Japanese company is all stepping ahead regarding planning to introduce electric rickshaws in Pakistan by importing away with the CKD and CBU units. There has also been the settlement of the existing import duty tariff that is somehow making it difficult to compete in the market. The company has often come up as requested by the government for the elimination of duty tariff on top of some of the import of electric rickshaws in CKD and CBU form.
Japanese Company Plans To Launch Electric Rickshaws In Pakistan
The Federal Board of Revenue (FBR) is taking on with so many of the steps to resolve the taxation related issues of Japanese investors. There has been some the delay in payment of refunds just over by recommendations made by Board of Investment (BOI). BOI has undergone to forward the proposals of Japanese business groups in Pakistan. The FBR has even received the proposal regarding taxation on top of the exclusive economic zone (SEZ) enterprises and so as the taxation on new investment and reinvestment. There have been some of the investors who have carried out the proposed speedy refund of advance tax at import stage and timely issuance of exemption certificate for the sake of advance tax as well as withholding tax. The increase in the range of the validity of issued exemption certificates is very much short enough.
JAC Motors Plans to Launch Out Electric Cars in Pakistan:
As in relation with the taxation on new investments & reinvestments, Japanese investors have often proposed that the minimum tax is charged just as against turnover irrespective of profit or loss. This minimum tax has to be abolished.
The BOI has often come up with the request in view with the FBR for the abolishment of tax on undistributed profits, that would hinder away the reinvestments. The BOI has even forwarded the proposals to FBR for the sake of some of the consideration. The FBR may be directed by the side of the PM Office to consider the same.
BOI and Japanese Investors:
In the past years, as on directions of the Prime Minister’s Office, Board of Investment hosted away from the meeting to address issues faced by Japanese investors in Pakistan. Apart from some of the major Japanese companies in Pakistan, the representatives from the Japanese Consulate in Pakistan all along with the Pakistan-Japan Business Forum, Japan External Trade Organization (JETRO) and JICA was part of the meeting. Japanese companies have been for sure successfully involved in operating inside Pakistan for the last five years. They are actively contributing to the economy of Pakistan. Additionally, the BOI decided to step up as to Japanese companies based in Karachi to highlight the work appreciation and help resolve their issues if there are any sort of.
It was also proposed that besides considering away with the Bridgestone, Dunlop, and Yokohama, there are so many other types of tires that are being marketed in Pakistan by Japanese companies. Tires hence cannot be categorized as luxury goods. Such increase in the range of the duty has increased the burden on the local consumers.
The BOI is putting the primary focus straight away regarding simplifying business registration through one window as well as streamlining tax regime, streamlining procedures and processes in each stage of the business cycle. The focus of BOI planning is just aimed as to introduce transparency through the medium of the simplification of rules and regulations, plus the automation and reduction time and cost involved in it. Some of the facilities have been measuring on with the new web-based software for Customs Act, 1969 clearance (WeBOC) that have been launched in major ports to bring improvement in the customs clearance. There has been around 70% trade that is being cleared through green channels. It is not involving any human handling and also the physical examination for paying taxes.