KARACHI: Renowned business leader and advocate for entrepreneurship, Faraz-ur-Rehman, has voiced concerns over reports of the Federal Board of Revenue (FBR) targeting startups showcased on the popular platform Shark Tank Pakistan. He emphasized that such actions could negatively impact innovation, entrepreneurship, and economic growth in the country.
In his statement titled “Support Startups, Don’t Stifle Them,” Faraz-ur-Rehman highlighted the vital role startups play in driving innovation and progress, particularly in a developing economy like Pakistan. He credited platforms like Shark Tank Pakistan for encouraging creativity, promoting entrepreneurship, and providing young businesses with the exposure needed to scale their operations.
“While ensuring tax compliance is essential for economic stability, the FBR’s approach must be constructive rather than punitive,” he stated. “A crackdown without clear guidelines or support risks discouraging entrepreneurs, damaging investor confidence, and hindering the growth of Pakistan’s startup ecosystem.”
He urged the government and regulatory authorities to adopt a more collaborative approach by offering tax incentives, simplified procedures, and advisory support to startups. “Such measures would enable these businesses to grow sustainably while meeting their obligations to the state,” he added.
Faraz-ur-Rehman called on the FBR to engage in meaningful dialogue with entrepreneurs and stakeholders to devise solutions that ensure compliance without stifling innovation. “Pakistan’s future depends on nurturing its entrepreneurial talent, not discouraging it,” he concluded.
This statement comes at a time when Pakistan’s startup ecosystem is striving to gain global recognition and contribute significantly to the national economy. Faraz-ur-Rehman’s advocacy underscores the importance of creating a supportive environment for young businesses to thrive.
