OICCI stresses upon revamping tax system


The Overseas Investors Chamber of Commerce and Industry (OICCI) urged substantive tax reforms in its 2013 – 2014 proposals submitted to the Federal Board of Revenue (FBR). The trade body has also forwarded general and industry-specific suggestions to broaden and rationalize the country’s revenue base to help overcome the prevailing economic crunch faced by the country. The proposal include implementation of a consultative tax and revenue enhancement regime involving all key stakeholders, using every legitimate means to withdraw tax and duty exemptions as well as amnesty schemes barring those impacting the poor, effective monitoring and scrutiny to identify tax evasion and notably, bringing agricultural income into the tax net.