Startup Guide Issue 16 | Page 15

MI NI STRY OF COMMERCE Mi ni s t r y of c ommer c e c a n s uppor t es t a bl i s hment of Cha mber of S oc i a l E nt er pr i s es t o a c t a s t he a pe x a s s oc i a t i on of s oc i a l ent er pr i s es i n Pa k i s t a n. 1 . E x pedi t i ng e- c ommer c e pol i c y c a n a l s o hel p br i ng down t he t r a ns a c t i on c os t s f a c ed by s ev er a l s oc i a l ent er pr i s es i n t he s er v i c es s ec t or , pa r t i c ul a r l y t hos e dea l i ng wi t h I CT a nd r el a t ed s er v i c es . 2. T he Mi ni s t r y a l s o needs t o ev a l ua t e how t r a de pol i c y c a n hel p s oc i a l ent er pr i s es a nd how mor e ( s oc i a l ) ent r epr eneur s c a n bec ome e x por t er s of goods a nd s er v i c es . 3. Or i ent a t i on on s oc i a l bus i nes s i s r equi r ed i n t he offic es of T DAP a nd S ME DA. T he Mi ni s t r y i n c ol l a bor a t i on wi t h CS E c a n s uppor t t hes e or i ent a t i on s es s i ons t hr ough t he E x por t Dev el opment F und. Bot h t hes e or ga ni s a t i ons c a n t hen hel p br i ng gr ea t er v i s i bi l i t y t o t he out put of s oc i a l ent er pr i s es . FEDERAL BOARD OF REVENUE F BRa nd Pr ov i nc i a l T a x Depa r t ment s c oul d c ons i der t a x - ba s ed i nc ent i v es l i nk ed t o i mpr ov ement s i n s er v i c e del i v er y or l oc a t i ng i n ec onomi c a l l y l es s dev el oped r egi ons . F or e x a mpl e , t he F eder a l Budget 2018- 19 a l l owed per ma nent i nc ome t a x e x empt i on t o s ev er a l or ga ni s a t i ons . 1 . An e x c er pt f r om budget s peec h r ea ds “ I n r ec ogni t i on of t he mer i t or i ous s er v i c es bei ng per f or med by wel f a r e i ns t i t ut i ons e x empt i on i s pr opos ed f or Az i z T a bba F ounda t i on, S a y l a ni wel f a r e i nt er na t i ona l t r us t a nd Al - S hi f a E y e Hos pi t a l ” . 2. Gi v en t ha t i t i s di ffic ul t f or mos t NPOs t o under s t a nd a nd a c c es s or a ppl y f or per ma nent e x empt i on, a t r a ns pa r ent c r i t er i a t o a l l ow t a x f a c i l i t a t i on or r educ t i on i n l i a bi l i t y ma y be dev i s ed i n c ons ul t a t i on wi t h s oc i a l ent er pr i s e s ec t or a nd l a t er f or wa r ded t o t he Mi ni s t r y of F i na nc e f or i nc l us i on i n F i na nc e Ac t . 3. Conv ent i ona l c ha r i t y a nd i nv es t ment s i n l i f e i ns ur a nc e a r e el i gi bl e f or t a x deduc t i on i n Pa k i s t a n. I t wi l l bec ome ea s i er f or s oc i a l ent er pr i s es t o a t t r a c t i nv es t ment i f s i mi l a r t a x deduc t i ons a r e a l l owed t o i nv es t or s wi s hi ng t o t a k e a r i s k on s oc i a l bus i nes s es . 4. T her e a r e e x a mpl es of s oc i a l ent r epr eneur s c omi ng f r om l es s t ha n pr i v i l eged ba c k gr ound, of t en wi t hout f or ma l educ a t i on. F or s uc h ent er pr i s i ng y oung men a nd women t a x - r el a t ed i nf or ma t i on a nd f or ms need t o be i n l oc a l a nd s i mpl e l a ngua ge . Bot h I T - ena bl ed a nd ma nua l a ppl i c a t i ons ma y be a l l owed t o ea s e t he ent r y of s uc h ent r epr eneur s i n t he f or ma l s egment of t he ec onomy . 5. F BR ma y a l s o l ook i nt o i nc ent i v i s i ng s ha r ehol der s of s oc i a l ent er pr i s es . I ndi v i dua l i nv es t or s wi s hi ng t o t a k e a r i s k f or s oc i a l c a us e ma y be a l l owed t he s a me bene t s when f or e x a mpl e t hey i nv es t i n buy i ng l i f e i ns ur a nc e a nd c l a i m r educ t i on i n t a x l i a bi l i t y . 6. Pr ov i nc i a l r ev enue a ut hor i t i es c oul d c ons i der r educ i ng e x pos ur e of s oc i a l ent er pr i s es t o i ndi r ec t t a x bur den. As a s t a r t i ng poi nt , t he number of wi t hhol di ng t a x es f a c ed by s oc i a l ent er pr i s es ma y be r a t i ona l i z ed. T he c oor di na t i on a c r os s f eder a l , pr ov i nc i a l a nd l oc a l r ev enue a ut hor i t i es ma y be i mpr ov ed t o r es ol v e i s s ues r el a t ed t o de ni t i on of s er v i c es r ender ed by s oc i a l ent er pr i s es a nd mul t i pl i c i t y of t a x es l ev i ed on t he s a me i nc ome t a x ba s es . HI GHER EDUCATI ON COMMI SSI ON HE C ma y l i k e t o r ec ommend nec es s a r y a ddi t i ons t o t he c ur r i c ul um s o t ha t bus i nes s a nd ma na gement s c i enc e f a c ul t i es i nc l ude s oc i a l ent r epr eneur s hi p a s a dedi c a t ed t hr ee c r edi t hour s r equi r ement . F ur t her mor e , a udi t s of Offic es of Res ea r c h, I nnov a t i on a nd Commer c i a l i z a t i on ( ORI C) c ent r es es t a bl i s hed i n uni v er s i t i es f or ent r epr eneur s hi p pr omot i on ma y be c onduc t ed wi t h t he l ens t o l ook i nt o t he i mpa c t on s oc i a l ent er pr i s e dev el opment . HE C ma y a l s o s et up a f und t o pr omot e r es ea r c h a nd out r ea c h a i med a t hel pi ng s oc i a l ent er pr i s e dev el opment i n t he c ount r y .