Amendment In NAB To Fully Restore Foreign And Local Investors:Iftikhar Ali MaliK

The United Business Group of Federation of Pakistan Chamber of Commerce and Industry Thursday said that the exclusion of business community, local taxation and other levies including refunds or loss of exchequer from the National Accountability Bureau will fully restore confidence of foreign and local investors

ISLAMABAD, Oct 7 (UrduPoint / Pakistan Point News - 7th Oct, 2021 ) :The United Business Group of Federation of Pakistan Chamber of Commerce and Industry Thursday said that the exclusion of business community, local taxation and other levies including refunds or loss of exchequer from the National Accountability Bureau will fully restore confidence of foreign and local investors.

Chairman UBG Iftikhar Ali Malik talking to a delegation of investors led by Sana Izhar ul Haq here said it was long awaited demand of business community especially investors that NAB should be barred from intervening into affairs of corporate sector which was directly hitting the flow of foreign and local investment badly in every sector of economy.

He said "entire business community is grateful to Prime Minister Imran Khan for acceding to their demand" which he added will definitely pay way for uninterrupted inflow of investment in every sphere of life especially in economy.

He said now after necessary amendment issues pertaining to taxation and others related to corporate sector will be dealt with in accordance with revenue or banking laws and will be automatically stands transferred from the accountability courts to the courts of competent jurisdiction.

Moreover, he said now NAB can't proceed against " any person or entity who or transaction in relation thereto, which are not directly or directly connected with the holder of a public office or procedural lapses,unless any other person has been conferred or other material benefits from that particular public or government work".

Iftikhar Ali Malik who is founder chairman Pak US Business Council said that it's good omen that now Accountability Courts can grant bail to any accused earlier there was no provision for granting bail to the accused. He said an other feature of the presidential ordinance is prosecutor general NAB can now advise chairman to file or withdraw any reference from the court.

He said promulgation of this presidential ordinance is not a matter of days but a result of series of result oriented marathon meetings of business community with Prime Minister and chief of army staff wherein our serious reservations were conveyed. He called upon the multi national companies to inject more foreign investment and take full advantage of unprecedented package of incentives offered for them with sovereign guarantees.