PM Sharif unveils measures to spur investments

Prime Minister Nawaz Sharif today announced a slew of measures and amnesty schemes to attract investments in Pakistan, including a pledge not to probe the source of funds invested in greenfield projects.
Sharif said investments in greenfield industrial projects will be immune from any probe or scrutiny of the source of funds if they are set up before or after January 1 next year.
The other criteria include minimum investment of Rs 25 million, creation of at least five jobs and capital of over Rs 25 million, and one additional job for each Rs 5 million of capital invested.
A statement from the Prime Minister's Office said the immunity would not cover proceeds of crime or offences under the Narcotic Substances Act, Anti-Terrorism Act and Anti-Money Laundering Act.

He said top tax payers would be issued a "taxpayers recognition card", which would allow them to use VIP lounges at airports, get access to fast immigration clearance and have dinner with him at Excellence Award ceremonies.
Sharif announced the measures while addressing the business community here. He said captive power plants established as part of greenfield projects will be deemed to be part of such schemes.

The facility will also be available for constructing low cost housing, livestock ventures, and mining and quarrying of Thar coal.
He said the facility would not be cover investments in sectors related to arms and ammunition, explosives, fertilisers, sugar, cigarettes, aerated beverages and cement.

Sharif said excellence awards will be given to the top 10 tax payers and he would host an annual dinner in their honour. He further announced that tax returns of those who paid at least 25 per cent more tax than last year would be exempt from total audit. Special incentives would be available to the top 10 highest tax payers from among new tax payers.
The federal and provincial governments will facilitate the setting up of Special Economic Zones by recognised trade bodies. Provincial governments will also facilitate the acquisition of land for these zones.