Government Of Pakistan Offers Tax Holiday To Promote Tourism Sector
In order to attract Foreign Direct Investment (FDI) the government of Pakistan is offering “tax holiday” for foreign investments in tourism sector.
A tax holiday commonly used by governments in developing countries to help generate foreign investments, it’s a government incentive program that offers a tax reduction or elimination to businesses.
According to Chairman Board of Investment, Zubair Gilani, the government has planned to invite foreign investment into the country for establishing tourism zones in potential Northern Areas, Swat, Galiat and Hazara region and Gilgit Baltistan and other tourism zones.
He said huge foreign investment is anticipated in tourism sector as government is focusing on building this sector on priority basis and intends to diversify tourism by exploiting its various sectors, including religious, adventure, medical and education, to promote soft image of the country at international level.
He Further said the government would ensure the provision of all modern amenities to provide a safe atmosphere and enjoyable experience to tourists, adding that it would also empower local community through engaging them in business activity.
He expressed that after foreign investment in tourism, economic activities in these areas would increase, which would create more job opportunities. The public private partnership and role of local community was indispensable to attract domestic as well as foreign tourists, so the government would educate and train people working with potential tourist centers to make them valuable resources and also to promote the concept of shared prosperity.
He said in support of tourism initiatives by the Small and Medium Enterprises (SMEs), the government had implemented the World Bank’s (WB) ‘Ease of Doing’ measures, which has improved from 148 to 136 in all 180 countries around the world.
He said promotion of SMEs culture in tourism would play a huge role for development of all sort of tourism activities for increasing economic activities in these areas. The government was working on World Bank’s (WB) ‘Ease of doing Business “index, for promoting tourism culture through Small and Medium Enterprises (SMEs), which had improved from 148 to 136 out of totals 180 countries across the globe.
He said the BOI had been working on the all major indicators of the EODB for improving the country’s ranking from 136 to 115 in this year and unexpectedly below 100 in next couple of years.
He stated that knowledge-based business and economy would be priority of the government to compete with world economies.
He informed that through knowledge-based business and exports “we can promote Pakistan’s hi-tech and innovative export items in competitive international market”.