Authorized Distributors of Registered Importers Allowed to Import Medical Devices

Allow Authorized Distributor to Import Medical Devices on Authorization by Registration Holder, in Line with International Practices Reform ID F117 Reform Description Before: Only registered importers were allowed to import medical devices whereas their authorized agents/ distributors were not able to import the already registered medical devices. After:   In line with the international best practices…

Outbound Foreign Exchange Payment Made Easy

Elimination of Cumbersome Documentation for Making Outbound Forex Payments  Reform ID  F099  Reform Description  Before: Earlier the outbound foreign exchange payments were heavily regulated and involved cumbersome paperwork which caused unwarranted delay and frustration among the newly founded businesses.     After: Now these businesses can make outbound forex payments on the basis of their National Tax Number, Sale Tax certificates or other tax registration evidence with FBR.   Sector    Beneficiaries  All Businesses  Jurisdiction/ Location  Federal (Entire PAll Sectorsakistan)  Department  State Bank of Pakistan  Date of Implementation  25-11-2021  Timeline  Last 03 Months  Details  Difficulty  Newly formed businesses such as firms and companies which were in their first year of operations were facing difficulty in acquiring services from abroad as they cannot make outbound foreign exchange payments since they could not meet the compliance criteria such as proof of being “Active Tax Filer” which is granted at the close of each fiscal year on filling of income tax returns.   Analysis  It was realized that the requirement for documentary compliance cannot be met by the newly founded businesses since they do not have any such documentary evidence before the completion of at least one year of their operations.   Solution  State Bank of Pakistan issued necessary instructions to authorized dealers to facilitate newly founded business who do not have the proof of Active tax Payer etc. Now a business can acquire services from the foreign and made outbound foreign exchange payments on the basis of NTN or registration proof with FBR in first year of their incorporation.   Evidence  Acquisition of Services from Abroad by Newly Formed Firms/ Companies Para 11, Chapter 14 of Foreign Exchange…

Equity Investment Abroad/ Equity Investment Abroad Made Simple

Policy On Equity Investment Abroad Simplified  Reform ID   F075   Reform Description   Before:  Foreign Exchange (FE) Manual had prescribed approval of SBP or ECC for each investment made abroad which discouraged businesses from investing in foreign countries.   After: Now the residents of Pakistan including firms and companies are allowed to make equity-based investment in entities abroad on repatriable basis, and decision has been delegated to banks for different categories.  Sector  …

Single Digital Registration Certificate for 7 Agencies

SECP has Introduced Single Digital Registration Certification System for Registration with 06 Other Departments Reform ID S071  Reform Description  Single Digital Registration Certificate for 7 agencies through SECP’s e-services portal. Before: New companies were reuired to obtain separate incorporation certificates from several agencies, causing hassle and adding to the cost and time. After: Joint incorporation…

Online Single Window Facility introduced by LDA for Construction Permits

Online Single Window Facility introduced by LDA for Construction Permits Reform ID P066 Reform Description SBCA and LDA have Introduced an Online Single Window Facility for Issuing Construction Permits. Moreover, the Requirement of PT-1 Forms has also been Eliminated by KWSB and WASA Before:Obtaining Construction Permits was a manual and cumbersome task After: The process of…

Commercial Courts have been Established in Sindh to Fast-track Contract Enforcement

Commercial Courts have been Established in Sindh to Fast-track Contract Enforcement Reform ID S065  Reform Description  Commercial Courts have been Established in Sindh and Punjab to Fast-track Contract Enforcement Before:In civil courts, the disposal of commercial cases took a lot because of existing civil case burden, causing delay and resulting in loss of confidence by…

Registration of Factories made Time Bound

Timelines Prescribed for Registration of a Factory Reform ID K063 Reform Description Timeline introduced for Registration of Factories  Before: For new businesses, the registration process was frustrating as there was no time frame for the registration of the factories. After: The factory registration process has been made timebound and the registration process has become efficient.…

Authority of Inspectors to Penalize on Minor Issues, i.e. placing of spitoons, grade of whitewash etc. has been abolished

Authority of Inspectors to Penalize on Minor Issues, i.e. placing of spitoons, grade of whitewash etc. has been abolished Reform ID B062 Reform Description  Authority of Inspectors to Penalize on Minor Issues Abolished Before: Pre-Partition Factories Act prescribed minute details like placement of spittoons and grading of whitewash. Inspectors used to penalize businesses for small…

Authority of Inspectors to Penalize on Minor Issues, i.e. placing of spitoons, grade of whitewash etc. has been abolished

Authority of Inspectors to Penalize on Minor Issues, i.e. placing of spitoons, grade of whitewash etc. has been abolished Reform ID K061 Reform Description  Authority of Inspectors to Penalize on Minor Issues Abolished Before: Pre-Partition Factories Act prescribed minute details like placement of spittoons and grading of whitewash. Inspectors used to penalize businesses for small…