Ghazan Jamal Highlights KP Government's Measure To Ease Regulations For SMEs
Khyber Pakhtunkhwa government was taking every possible measure to ease the regulations for Small and Medium Enterprises (SMEs), Special Assistant to Chief Minister for Excise and Taxation and Narcotics Control, Ghazan Jamal said on Wednesday
ISLAMABAD, (UrduPoint / Pakistan Point News - 16th Sep, 2020 ) :Khyber Pakhtunkhwa government was taking every possible measure to ease the regulations for Small and Medium Enterprises (SMEs), Special Assistant to Chief Minister for Excise and Taxation and Narcotics Control, Ghazan Jamal said on Wednesday.
A single window system was also being established at the province for providing the masses access to utilities, tax payments, business registrations, he said at virtual public private dialogue 'Better Business Regulatory Environment for SME Sector of Khyber Pakhtunkhwa' organized by the Sustainable Development Policy Institute (SDPI), said a press release issued here.
He said the provincial government after COVID-19, had tried to ease the burden of taxes on SMEs by eliminating dual taxes.
"However, a higher tax target is expected to be achieved through bringing untaxed sectors and individuals in the tax net.We hope that relaxed taxation and lesser regulatory burden could attract investment," he added.
Dr Vaqar Ahmed, Joint Executive Director, SDPI, was of view that the government's capacity to support businesses might get diminish in case COVID-19 recurring in the future. He said that firms in Khyber Pakhtunkhwa were finding it hard to grow owing to lack of affordable business spaces with decent infrastructure facilities; high costs of tax compliance; difficulties in participating in international trade and low access acceptable collateral and formal finance as well as rates of internet penetration; arbitrary imposition of labour, municipal, and environmental regulations; and weak access to public procurement opportunities.
He proposed that "SMEs need to be informed regarding opportunities in CPEC and Khyber Pakhtunkhwa Annual Development Plan," and added that Government of Khyber Pakhtunkhwa should expedite measures under Pakistan Regulatory Modernization Initiative (PRMI) which could lead to reduction in business costs. In the wake of COVID-19, the focus should be to improve technology adoption capabilities of SMEs. Sana Zia, Development Professional, earlier highlighted around 300,000 enterprises exist in newly merged districts of Khyber Pakhtunkhwa province. However, no official data is available that and hence, it hinders informed and targeted public policy formulation. Mining, construction and commercial agriculture need to be promoted in these areas, she added.
Adnan Jalil, former Vice President, Federation of Pakistan Chamber of Commerce & Industries, on the occasion observed that the voice of SMEs is missing in policy formulation at both Federal and provincial level. Besides, banks were not providing financing to new and emerging business sectors in the province.
Bilal Farooq Khan, National Incubation Center, Peshawar, emphasized the need to bring large Pakistani firms to open production units in Khyber Pakhtunkhwa's economic zones like Jamrud Industrial Zone. This will lead to a revival of industrialization in the province. There are very few e-commerce firms as startups require hand holding.
Dr Yasir Kamal of Institute of Management Sciences (IMS), Peshawar, while sharing academic perspective of the issue, said that we need to encourage a focus on other sectors like agriculture and manufacturing.