KARACHI: The Federal Board of Revenue (FBR) has been urged to zero rate sales tax on import of pharmaceutical API and simplification of sales tax refunds. The Overseas Investors Chamber of Commerce and Industry (OICCI) in proposals for budget 2022/2023, informed the tax authorities that the above sales tax amendment enforced through the Finance (Supplementary) […]

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended amendments in tax laws related to taxpayers engaged in business of fast moving consumer goods (FMCG). The OICCI in its proposals for budget 2022/2023 presented to Federal Board of Revenue (FBR) recommended certain changes for taxpayers engaged in business of FMCG. READ MORE: FBR […]

KARACHI: The exploration and production companies are subject to tax rate at 40-50 per cent instead the prevailing rate of 29 per cent, which should be aligned with the tax rate applicable on other sectors. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2022/2023 submitted to the Federal Board of […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to restore sales tax exemption on supply of LED or SMD lights as these are meant for conservation of energy. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2022/2023 said that through Finance Act 2021, under 6th Schedule, Table II […]

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has suggested that the minimum tax should be reduced to 0.2 per cent for listed companies with large turnover with lower profit margins. The OICC in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR) made tax recommendations related to chemical, pesticides, fertilizers, […]