ECC okays tax concessions to attract hot money


ISLAMABAD: In its pursuit for risky hot foreign money to inflate foreign currency reserves, Pakistan approved sweeping tax concessions for non-resident companies on Wednesday to attract their investments in the government debt. On the recommendation of the State Bank of Pakistan (SBP), the Economic Coordination Committee (ECC) of the Cabinet “approved proposals for simplification of tax regime for non-resident companies investing in the local debt market with a view to deepening the country’s capital markets”, according to a handout issued by the finance ministry.