KARACHI
\nThe Overseas Investors Chamber of Commerce and Industry (OICCI) has demanded predictable, transparent and consistent economic policies to strengthen international investment in the country. \u201cWe have submitted comprehensive proposals to the government for the upcoming fiscal budget, 2022-23, to promote business culture, foreign direct investment, ease of doing business and broadening the tax base,\u201d OICCI Secretary General Abdul Aleem told journalists in the port city.
\nThe chamber presented industry specific tax proposals to promote manufacturing and optimise revenue collection in the country. Aleem said his team also recommended rationalisation of the minimum tax regime by immediately reducing it to 0.25 percent for businesses dealing in sectors with high turnover and low margins.
\n\u201cThe members of OICCI have asked for rationalizing the complex withholding tax regime \u2026 as it is negatively impacting ease of doing business for all compliant taxpayers, especially in the manufacturing and service sectors,\u201d he said.
\nThe chamber has emphasised on reduction of recurring audits, examinations, reviews and recovery proceedings. In one of its recent surveys, its members also showed concern over delayed tax refunds which it suggested should be settled within 45 days while legally allowing inter-adjustment of income and sales tax refunds.
\nThe OICCI has also recommended enhanced use of technology and data mining by leveraging substantial information with the country\u2019s tax collection agency, the federal board of revenue (FBR), in relation to registered and unregistered businesses. It maintained the FBR should use such information to broaden the tax net, instead of penalising tax compliant sectors by disallowing their legitimate expenses.
\n\u201cSudden surprises have become a major problem in Pakistan,\u201d the OICCI vice president, Amir Paracha, told journalists, adding: \u201cSuch policy shifts affect long term business plans of companies.\u201d The top chamber officials denied the implementation of their proposals would reduce revenue generation, adding it would have the opposite impact.
\nThey also informed that the OICCI had not asked for any reduction in corporate tax rate, though it has emphasised that no new taxes should be levied during the year until they were to remove some anomalies or end some of the measures introduced through the supplementary budget implemented in the beginning of the year.
\nThe Overseas Investors Chamber of Commerce and Industry (OICCI) represents over 200 members from 35 different countries and operates in 14 different sectors of trade and industry in Pakistan.
\nIts member companies generated $37 billion in revenue during the last year and paid about $9 billion in taxes. These firms have also invested over $18.5 billion in new capital expenditure since 2012.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI The Overseas Investors Chamber of Commerce and Industry (OICCI) has demanded predictable, transparent and consistent economic policies to strengthen international investment in the country. \u201cWe have submitted comprehensive proposals to the government for the upcoming fiscal budget, 2022-23, to promote business culture, foreign direct investment, ease of doing business and broadening the tax base,\u201d […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-252399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n