Eliminate need for testing/ processing of products already registered by Stringent Regulatory Authorities (SRAs) abroad

Need for testing of products already registered by Stringent Regulatory Authorities’ (SRAs) eliminated Reform ID F125 Reform Description Before: Products which had already been cleared by international Stringent Regulatory Authorities as per certified standards had to undergo registration and quality check while entering Pakistan – this had requirement added-up to cost and time for businesses.…

Elimination of unnecessary requirements for renewal of registration for healthcare devices

Unnecessary requirements for renewal of registration for health care devices eliminated Reform ID F124 Reform Description Before: Healthcare devices used to be registered after going through numerous checks and a detailed scrutiny which were based on large number of documents. At the time of renewal similar exercise was repeated. After: Registration and renewal is made…

Elimination of requirement by Government departments to only use Sheesham/ Keekar wood for supply of furniture and fixtures

Elimination of requirement of Sheesham/Keekar wood for supply of furniture and fixtures Reform ID F123 Reform Description Before:There was a customary practice by the government departments to require furniture and fixture made of Sheesham/ Keekar wood in their procurement documents. After:The requirement for furniture made of Sheesham/ Keekar wood was eliminated. Now, furniture businesses can…

Elimination of unnecessary qualification and experience requirements for technical persons for medical devices industry

Unnecessary qualifications and experience requirements for technical persons for medical devices industry-Eliminated. Reform ID F122 Reform Description Before: The required qualification for hiring a technical person was to be either a “Bio Medical Engineer” or “Biotechnologist” or “Microbiologist”. These qualifications were not relevant to this sector, instead were required at the manufacturing side. After: A…

Introduction of online system for NTN issuance of unregistered firms (Partnerships/ AOPs)

Online Issuance of NTN for Unregistered Partnerships and Association of Persons (AOPs) Reform ID F121 Reform Description Before: Earlier only the firms registered with Registrar of firms were issued the National Tax Number (NTN) online. After: Now, to facilitate unregistered firms (partnerships/ Associations of Persons) and to bring them in the tax net the NTN…

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…