The revenue authority has formed a panel aiming to frame investment-friendly fiscal measures and improve the business climate to attract both foreign and domestic investors.

Termed as the Investment Promotion Team (IPT), the 21-member panel comprises representatives from investment promotion agencies and trade bodies, according to a notification issued by the National Board of Revenue last week.

The team will assess tax, duty and value-added tax-related proposals submitted by trade bodies and also recommend inclusions in the national budget, starting with the upcoming fiscal year of 2018-19.

The IPT can also suggest measures for other periods of the year. It will sit at least once every three months and submit recommendations.

The formation comes after trade bodies and investment promotion agencies last month suggested the NBR frame fiscal measures through detailed analysis of prospects and scenarios at industrial sectors to promote investment, particularly foreign ones.