ANNOUNCEMENT 05 Dec 2013In December 2013, the government of Pakistan announced a change in import formalities.
NUMBER OF INTERVENTIONS
On 5 December 2013, the Government of Pakistan submitted a Letter of Intent to the International Monetary Fund (IMF) describing the policies that Pakistan intends to implement with regards to its request for financial support from the IMF. Several of the commitments that the Government of Pakistan has made are likely to affect the degree of discrimination faced by foreign commercial interests, including
i) Commitment to eliminate most tax or customs tariff exemptions or concessions granted through Statutory Regulatory Orders (SROs) and to approve legislation by end-December 2015 to permanently prohibit the practice
ii) Improve the business climate through favorable policies for rehabilitation of companies, liquidation of insolvent companies, simplify procedures for setting up business and paying taxes, reducing barriers for access to credit for micro, small and medium enterprises
iii) Simplification of the trade tariff structure to a simple and transparent framework
iv) Measures to reform, restructure or privatize poorly performing public sector enterprises, some of whom may compete with the private sector, including foreign firms.