OICCI demands rationalization of unreasonably high taxes on corporate sector

July 25, 2023 (MLN): The government should simplify the unreasonably high taxes imposed on the corporate sector, especially after the introduction of new levies such as the super tax, the representative body of foreign investors, 'Overseas Investors Chamber of Commerce and Industry' (OICCI) stated on Monday, according to media reports.

“The government has effectively increased the tax on organized businesses to over 40%, the highest in the region,” Amir Paracha President Overseas Investors Chamber of Commerce and Industry (OICCI) said.

The president further highlighted that the country is attracting foreign direct investment (FDI) well below its full potential.

Moreover, over the past 10 years, OICCI members have contributed over $22 billion in FDI.

OICCI members continue to support the government's policies and actions although being concerned regarding the delayed payments of dividends and other charges.

The OICCI president urged the government to broaden the tax base in order to boost the revenue base of the country.

He further stressed the reduction in governance costs, and reforms in all key state institutions, including the revenue authorities, state-owned enterprises and regulatory bodies at both federal and provincial levels.

The OICCI president congratulated Prime Minister Shehbaz Sharif and his finance team regarding the approval of a $3 billion Stand-By Arrangement (SBA) with the International Monetary Fund on June 29.

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