Pakistan to introduce reforms on venture capital, forex, double taxation: Haroon Akhtar

The government is preparing a comprehensive package of reforms to strengthen investor confidence and improve the ease of doing business, with a focus on venture capital, foreign exchange policies, and double taxation, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said on Tuesday.

He made these remarks during a meeting with Scott Jacob and a delegation of the Board of Investment (BOI), according to a statement from the ministry.

Khan stated that the government was working on amendments to the Companies Act, reforms in licensing procedures and no-objection certificates (NOCs), as well as changes to rules governing both listed and unlisted companies.

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He said the Securities and Exchange Commission of Pakistan (SECP) and BOI would soon finalise measures for unlisted companies, while rules for listed companies would also be reviewed on priority.

He emphasised that regulations for listed companies should be benchmarked on the least regulated model to boost competitiveness.

Highlighting the importance of investor confidence, Khan noted that restoring trust in the Pakistan Stock Exchange (PSX) is critical to addressing structural issues such as insider trading.

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On foreign exchange reforms, he said the government would consult stakeholders, including the Pakistan Business Association and the State Bank of Pakistan, as part of the next reform package. Measures to address double taxation are also expected in the upcoming package, he added.

The SAPM underscored the need for dedicated legislation to promote venture capital in Pakistan and said work was already underway on the Companies Act and regulations governing listed firms.

He added that a bill to decriminalize business laws would soon be tabled in Parliament, while unnecessary NOCs would be abolished to facilitate businesses.