The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted comprehensive Taxation Proposals for the upcoming Fiscal Budget 2022-23 highlighting various measures to facilitate business and FDI, promote the ease of doing business and documentation of the economy beside broadening the tax base and enhancing the revenue collection to match the economic potential of the country.
Commenting on the Taxation proposals, Ghias Khan, OICCI President, highlighted that
“Tax policies should be predictable, transparent, and consistent. The policies should be implemented for longer term to attract large investment in industrial and infra-structure projects including from foreign investors”.
Considering the economic challenges facing the country post COVID and international cost pressure, the OICCI has not asked for any reduction in corporate tax rate and has emphasized that no new taxes should be levied during the year except removing harsh anomalies and doing away from some of the measures introduced through the supplementary budgetary measures earlier in the year.
Besides general tax measures, the chamber has also recommended industry specific taxation proposals to promote manufacturing and optimize revenue collection in the country. The chamber has highlighted, as an example, that revenue collection can be increased by as much as Rs 70 billion by strict monitoring of massive tax evasion in the tobacco sector.
OICCI has strongly recommended that the Minimum Tax regime...
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