LAHORE – A significant percentage of the economy remains undocumented and operates outside the tax net. Not only does this act as an impediment towards broadening the tax net, it discourages honest taxpayers. Mandatory documentation of all segments of the economy is therefore essential if the government intends to broaden the tax base and reduce burden on already taxed. These were part of the recommendations made by the Overseas Investors Chamber of Commerce and Industry (OICCI) for the Budget.
Federal Board of Revenue Chairman Salman Siddique and Additional Secretary Revenue Division Asrar Raouf recently visited the OICCI to discuss the taxation proposals prepared by the Chamber. In her welcome address to Chairman FBR, OICCI President Ms Ameena Saiyid stated, “OICCI acknowledges the progress that has been made over the years in the tax system, thanks to initiatives taken by the Federal Board of Revenue (FBR) and the Ministry of Finance (MoF); however, there are certain gaps that need to be addressed for the greater benefit of the country.
Being a representative body working to liaise between the government and foreign investors, OICCI has developed detailed proposals for review and consideration of FBR and MoF.” Moreover, the chamber also recommended progressive fiscal and tax policy measures that encourage foreign direct investment, particularly in the manufacturing industry and remove impediments in the implementation of investor friendly tax policies.
