Take measures for ease of doing business

The government should take adequate measures to make it easier for businesses to operate, said a noted entrepreneur.

"All the necessary reforms have to be brought in to attract both local and foreign investments," said Asif Ibrahim, vice-chairman of Newage Group of Industries, one of the top garment exporters.

He argued that the cost of production has gone up owing to rising prices of raw materials and higher freight charges.

"So, producers have to be given energies at subsidised rates. The support can come in the form of the cut in taxes as well."

If the electricity price is adjusted upwards in line with the increased prices of petroleum oil and gas, the value-added tax slapped on the energy bills could be reduced, he said.

Ibrahim called for reducing the tax burden for businesses and increasing the tax net.

He recommended rationalising corporate tax rates in line with the rates in the countries in the region.