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OICCI raises concerns over revenue targets and tax base in budget

OICCI demands rationalization of unreasonably high taxes on corporate sector
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June 10, 2023 (MLN): Overseas Investors Chamber of Commerce and Industry (OICCI) highlighted that no specific measures were announced to support the ambitious revenue targets of Rs9.2 trillion, nor were any bold measures introduced to broaden the tax base in the country, a press statement issued today showed.

However, positive measures for IT and agriculture sector as well as for the promotion of SMEs are appreciated.

It added that based on the first assessment of the budgetary tax measures announced yesterday it appears to be an interim budget with short-term measures for certain sectors, but it lacks measures to stabilize the economy.

There is an absence of measures to incentivize investment in manufacturing and other job-creating sectors and no special measures to attract large foreign investment in the country.

Furthermore, the substantial increase in salaries and pensions of government employees, partially justified, will have a snowball effect on the economy.

In addition, it should have been accompanied by measures to improve productivity and reduction in the huge cost of governance in Pakistan.

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Posted on: 2023-06-10T19:24:58+05:00