KARACHI: The Federation of Pakistan Chambers of Commerce of Industry (FPCCI) has proposed amendments in the tax laws to enable companies in settling their taxation, a statement said on Saturday.

FPCCI president Mian Nasser Hyatt Maggo has appreciated the ease of trade initiatives by the government, adding that these initiatives have the potential to create a friendly trade promotion environment, it added.

Maggo however, pointed out a few impediments by vested interests and troublemakers that can jeopardise the initiatives, which will not be in the national interest if not addressed in a timely manner.

The FPCCI president proposed that amendments in the tax laws should be introduced, enabling the companies to provisionally settle their taxation and customs disputes through furnishing corporate guarantees to the government instead of bank guarantees or pay orders.

It is pertinent to note that the above proposal has been welcomed by the Senate’s Committee on finance and, as well as, the traders’ community across Pakistan, he added.

He also applauded the Authorised Economic Operators (AEO) programme for its potential to minimise the cost of doing trade and business through facilitation across all government departments and ministries.

The AEO programme will also help Pakistani traders to compete with regional and international players in the global markets though focusing their energies on their trade activities rather than dealing with regulatory authorities all the time, he added.

Pakistan has been recognised as one of the most proactive countries in the region which is promoting regional trade through radical changes in its trade policies through pragmatic initiatives, facilitative measures and support mechanisms.