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Tag: OICCI

  • Tax rates key element to attract foreign direct investment

    Tax rates key element to attract foreign direct investment

    KARACHI: Tax rates are key element for any prospective investors, including foreign investors and key influencers in attracting foreign direct investment (FDI).

    Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2022/2023 sent to Federal Board of Revenue (FBR) said that the tax environment and tax rates are key consideration for any prospective investors, including foreign investors and amongst the key influencers in attracting FDI into a country.

    READ MORE: KTBA recommends separate tax fraud proceedings

    The OICCI, the representative body of the foreign investors operating in Pakistan, submitted the following proposals for budget 2022/2023:

    Simplify the complex system of determining the corporate tax liability by:

    a. Abolishing ACT (Alternative Corporate Tax);

    b. Revamping the MTR (Minimum Tax Regime)

    c. Doing away with undue recurring audit/ examinations/ reviews and recovery proceedings.

    d. A number of Ease of Doing Business (EODB) and simplification of tax paying process issues can be addressed by the introduction of:

    READ MORE: FBR urged to remove irritants in sales tax refund

    i. Simplifying the procedures and forms for filing the sales tax and income tax return.

    ii. One form for reporting all the tax liability in the country, including for FBR, and provincial revenue authorities, with efficient inter-revenue authorities’ coordination. Single Sales Tax return has not been fully implemented.

    Tax policies should be predictable, transparent, and consistent. The policies should be implemented for long term to facilitate and protect longer term investment plans of local and foreign investors. No new taxes levied during the year except removing harsh anomalies – no supplementary budgetary measures.

    The withholding tax regime continues to be a key irritant for most taxpayers, especially the manufacturing and services sector, and negatively impacts EODB.

    READ MORE: Unified sales tax law for all tax authorities sought

    Tax compliant sector provides FBR with information of registered/unregistered businesses, which FBR should use as a tool for broadening tax net. However, FBR unfairly penalizes these commercial organization by disallowing their legitimate expenses and input Sales tax through measures like those covered u/s 21(q) of Income Tax Ordinance, 23(1) and 8(1)(h) & (J) of Sales Tax Act.

    Revenue Targets for field formations should be in line with the business growth trends. Unrealistic targets leads to harassment of compliant tax payers.

    READ MORE: Proposals for recovery of sales tax on bad debts

    To encourage investment in manufacturing facilities, incentives provided previously through various “tax credits” under section 65, should be restored.

    OICCI will continue to emphasize on value creation through transparent and strong enforcement measures designed to facilitate compliant taxpayers and punish tax evaders. Furthermore, the value addition of our members should not only be measured from tax collection basis but also on the basis of creating livelihoods, promoting sustainable business model and supporting a tax compliant echo system.

  • Foreign investors spend Rs14.5 billion on CSR activities

    Foreign investors spend Rs14.5 billion on CSR activities

    KARACHI: The foreign investors operating in Pakistan have spent around Rs14.5 billion on activities under Corporate Social Responsibilities (CSR) during the year 2020/2021, a statement said on Thursday.

    The foreign investors, who are members of the Overseas Investors Chamber of Commerce and Industry (OICCI), like previous years, once again reaffirmed their commitment to uplift the Pakistani society from all aspects and invested Rs14.5 billion in different CSR and Sustainable projects during 2020-21, stated in a press statement issued for sharing the highlights of OICCI Corporate Social Responsibility (CSR) Report 2020-21.

    READ MORE: OICCI organizes Women Empowerment Awards

    About 100 of the leading foreign investors and members of OICCI continued to stand by the government to fight the pandemic of COVID-19 besides carrying out their several CSR initiatives which benefit the marginalized communities across the country.

    The CSR activities of OICCI members do not only include monetary contributions but the intellect and time of their employees as well which develop sustainable and long-term projects across Pakistan with the underlying commitment to uplift the underprivileged strata of the society through different means.

    President OICCI, Ghias Khan, commended the unparallel commitment of OICCI members who are inspiring the corporate sector alike to invest in the society besides introducing latest technology and skills transfer for the local population.

    READ MORE: Ghais Khan elected OICCI president

    “The OICCI members keep on enhancing the CSR fabric through a proactive engagement between business and all stakeholders in the society which results in model CSR initiatives and Sustainability practices, largely in line with the United Nations Sustainable Development Goals (UN SDGs) to meet the growing needs of the society”, Ghias added.

    Vice President OICCI, Amir Paracha, highlighted that the annual CSR Report 2020-21 reflects the feedback from about half of OICCI membership who have shared their CSR activities. This year total CSR contribution was PKR 11 billion, which benefited about 34 million direct beneficiaries across the country. OICCI members and their colleagues spent around 1.4 million man-hours and partnered with 160 social and development sector organizations throughout Pakistan. The geographic distribution of the CSR activities has been 31 per cent in Sindh, 27 per cent in Punjab, 15 per cent in Khyber Pakhtunkhwa, 13 per cent in Baluchistan, 8 per cent in Gilgit-Baltistan, and 6 per cent in Azad Kashmir.

    READ MORE: OICCI expresses dismay over FBR action against mobile operator

    The COVID-19 continues to be a challenge for businesses throughout the world. Our members showed exceptional leadership and resilience in the fight against COVID-19. During the year, 90 per cent of our participant-members contributed about PKR 3.5 billion to various causes to fight the pandemic.

    Protecting Environment is one of the areas which is getting growing attention recently. 69 per cent of our participant-members carried out environment related pursuits and spent about PKR 1.5 billion for the purpose of protecting environment.

    With respect to specific UN SDGs, 79 per cent of the OICCI members focused on health and well-being, and actively supported health and nutrition related initiatives through donations to reputable hospitals, medical care camps and health awareness campaigns.

    READ MORE: OICCI members pay one third of total tax collection

    Moreover, 73 per cent of members contributed to Quality Education by funding primary and secondary school facilities, scholarships, and various vocational training programs for skills development. Gender Equality is also one of the focus areas where more than half of our participant-members supported the women empowerment activities and actively supported the “OICCI Women” initiative in place since 2017.

    OICCI is the collective body of top 200 foreign investors in Pakistan, belonging to 35 countries, who are also the largest contributor to the economy of Pakistan besides being the largest foreign investors.

  • OICCI to hold Pakistan climate conference on March 16

    OICCI to hold Pakistan climate conference on March 16

    KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI), the collective voice of top foreign investors in Pakistan, Tuesday announced to organize ‘Pakistan Climate Conference 2022’ on March 16, 2022 to be held in Karachi.

    While announcing the date and unveiling the logo of the Conference, Ghias Khan, President OICCI, mentioned that Pakistan Climate Conference would build on learnings from COP 26 to identify and implement efforts needed to promote positive climate actions and reduce climate change impact in Pakistan.

    READ MORE: OICCI organizes Women Empowerment Awards

    “The event will bring together global climate experts, policy makers and corporate decision-makers to share learnings and best practices to help Pakistan develop necessary policy and climate interventions.”

    The Pakistan Climate Conference aims to start dialog on several critical areas to support Pakistan’s achievement of the Nationally Determined Commitments (NDC) made at COP26.

    READ MORE: Ghais Khan elected OICCI president

    This commitment aims to cut 50 per cent of projected emissions and achieve 60 per cent renewable energy by 2030. In addition, Pakistan has set the vision to work on clean transport, with 30 per cent electric vehicles by 2030 and trusting and investing in nature.

    Pakistan has a long way to go to demonstrate progress against its ambitious Nationally Determined Commitments (NDCs). The Pakistan Climate Conference aims to start dialogue on several critical areas that can help with policy direction and provide the best practices needed for the country to speed up its climate positive journey.

    READ MORE: OICCI expresses dismay over FBR action against mobile operator

    Abdul Razak Dawood, Adviser to PM on Commerce and Investment stated, “Climate change has an economic impact as well. I am confident that the Pakistan Climate Conference will lay the foundation for an action plan that will help Pakistan meet its global climate commitments and ensure the sustainability of its economy.”

    Amir Paracha, Vice President, OICCI, highlighted, “The Pakistan Climate Conference is being organized in a hybrid format, with speakers and participants joining physically and virtually. The Conference will provide best practices and a roadmap on areas such as reducing emissions and renewable energy, reducing waste, ensuring fair usage of water and better monitoring of positive climate actions.”

    READ MORE: OICCI members pay one third of total tax collection

  • Jazz recognized for driving change beyond workplace

    Jazz recognized for driving change beyond workplace

    KARACHI: To recognize the commitment in improving the lives and livelihood of women through technology, the Overseas Investors Chamber of Commerce and Industry (OICCI) awarded Jazz with the ‘Driving Change Beyond Workplace’ award at the Women Empowerment Awards 2021 held on Thursday.

    Abdul Aleem, Secretary General, OICCI presented the award to Wajida Leclerc, Chief People Officer, Jazz.

    READ MORE: OICCI organizes Women Empowerment Awards

    Jazz is dedicated to enhancing diversity and women’s empowerment within its business model and focuses on uplifting women in the society through the power of the internet.

    Female specific products and services are designed to help address many of the wider gender inequalities by digitally enabling them to access health, financial, and other life-enhancing services.

    READ MORE: Jazz Digital Park inaugurated in Islamabad

    The company’s digital financial service, JazzCash, under the GSMA Connected Women Commitment Initiative, has committed to increase the proportion of women in their mobile money customer base by 2023. In addition, all its sustainability programs ensure 50% women participation ranging from urban to rural areas so women can lead the change.

    “Inclusivity being at the heart of all our policies, we have always paved the way for gender equality within the organization as well as the society at large. This recognition further validates our holistic approach towards empowering women internally and externally and renews our vigor as we move forward in our journey of creating a digitally inclusive ecosystem in Pakistan,” said Wajida Leclerc, Chief People Officer, Jazz.

    READ MORE: Jazz’s investment in Pakistan crosses $10 billion

    Jazz is an equal opportunity employer and is creating and nurturing an inclusive and empowering culture. It’s one of the first telecom companies with a high female representation in its executive leadership. Not only does the company promote gender diversity in its work environment, it also has programs focused entirely on attracting and facilitating the female gender including the most recent ‘She’s Back – Women Returnship Program’ for women looking to return to work following a career break. Jazz is among the few early adopters in Pakistan to fully commit itself to the Women Empowerment Principles, introduced by UN Women and the UN Global Compact that focus on steering corporates to promote gender equality and women empowerment.

    Champions of Change Coalition, a globally recognized, high-profile coalition working to achieve change on gender equality issues recently welcomed Jazz CEO Aamir Ibrahim as the coalition’s member aiming to accelerate progress in creating more inclusive and progressive organizations in Pakistan.

    READ MORE: PTA renews Jazz license for $449.2 million

  • OICCI organizes Women Empowerment Awards

    OICCI organizes Women Empowerment Awards

    KARACHI: The Overseas Investors’ Chamber of Commerce and Industry (OICCI) on Thursday organized Women Empowerment Awards 2021 to recognize the growing importance of women towards creating an enabling environment necessary to accelerate the economic growth in the country.

    OICCI initiated various research and has been holding annual competition among the members by recognizing those who have focused on women empowerment. “Increasing Women’s inclusion in the Pakistan Economy” a policy paper by OICCI has been shared with the Ministry of Human Rights last year.

    READ MORE: Ghais Khan elected OICCI president

    President OICCI Ghias Khan on the occasion said: “OICCI had initiated the OICCI Women Empowerment initiative in 2017 and has been regularly advocating for women empowerment among its membership. The fourth (2021) edition of the awards this year was organized to recognize the progress made by OICCI members in raising the engagement of women within their respective organization and give awards to the outstanding performers.”

    The awards were judged by an independent jury who vetted the performance of the companies from different aspects and awarded the best performers overall and in seven separate categories.

    READ MORE: OICCI expresses dismay over FBR action against mobile operator

    Three companies emerged victorious across all the categories and won top three positions: Procter & Gamble Pakistan and Telenor Pakistan were declared the first and second runner-up respectively while Unilever Pakistan won the top position and declared winner of “OICCI Women Empowerment Award 2021.”

    Special Recognition Awards were given in seven categories. Nestlé Pakistan won in the ‘Leadership & Strategy’ category; Mobilink Microfinance Bank in ‘Gender Balance Workforce’; Standard Chartered Bank in ‘Work Life Integration’; Bank Alfalah in ‘Women Leaders Development’; Pakistan Mobile Communications (Jazz) in “Driving Change Beyond Workspace”; TRG (ibex. Pakistan) in “Notable Growth in Women Empowerment”; and L’Oreal Pakistan bagged the ‘Top Performer amongst companies of 300 employees’ Award.

    READ MORE: OICCI members pay one third of total tax collection

    The ceremony was attended by a large number of CEOs and corporate professionals from different OICCI member companies, as well as diplomats and other distinguished guests.

    The keynote speakers included the Political Counsellor at British High Commission, Iona Thomas; European Union Ambassador to Pakistan, H.E. Androulla Kaminara; and Executive Vice President Unilever, Annemarieke de Haan.

    The speakers termed OICCI the trendsetter for women empowerment in Pakistan and advised that the corporate sector across Pakistan should replicate the ‘OICCI Women’ initiative to foster economic growth of the country.

    Deputy Governor State Bank of Pakistan (SBP), Sima Kamil, during a panel discussion, lauded the efforts of the OICCI and observed that OICCI Women is a great platform to create a movement for women empowerment in the country and appreciated the OICCI initiative to publicly acknowledge the efforts of member companies to give women equal employment opportunity and congenial working environment for the economy to grow.

    READ MORE: Business confidence falls on COVID: OICCI survey

    The speakers also emphasized that empowerment of women and gender equality are essential tools to achieve sustainable development in a global world. Therefore, it is important to bring women into the mainstream in all sectors, to build strong economies and improve the quality of life for women, men, families and communities alike.

    At the conclusion, Secretary OICCI, M. Abdul Aleem, hoped to see OICCI Women initiative become an inspiration for all organizations across the country and joining hands for a greater cause.

  • Ghais Khan elected OICCI president

    Ghais Khan elected OICCI president

    KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Ghais Khan as president for the term 2022.

    Ghias Khan is President & Chief Executive Officer, Engro Corporation Limited.

    The election of Ghais Khan announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.

    The other elected members of the OICCI Managing Committee for 2022 are included: Ahmed Zahid Zaheer, Chevron Pakistan Lubricants (Pvt) Limited; Ali Ahmed Khan, FriesLandCampina Engro Pakistan Limited; Erum Shakir Rahim, GhaxoSmithKline Pakistan Limited; Ali Asghar Jamali, Indus Motor Company Limited; Samer Chedid, Nestle Pakistan Limited; Waqar Irshad Siddiqui, Shell Pakistan Limited; Markus Strohmeier, Siemens Pakistan Engineering Company Limited; and Rehan Muhammad Shaikh, Standard Chartered Bank (Pakistan) Limited.

    In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors.

    He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.

    Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.

  • Tax officials meet foreign investors to resolve issues

    Tax officials meet foreign investors to resolve issues

    KARACHI: A team of senior tax officials held a meeting with foreign investors on Tuesday in order to resolve their pending issues.

    The team of senior tax officials was headed by Shahid Iqbal Baloch, Chief Commissioner Inland Revenue (CCIR), Large Taxpayers Office (LTO) Karachi. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-III, LTO Karachi was also with him to attend the meeting at the premises of Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of the foreign investors operating in Pakistan.

    Chief Executive / Secretary-General of OICCI Abdul Aleem and other member taxpayers of OICCI attended the meeting.

    The CE / Secretary-General welcomed the Chief Commissioner-IR, Large Taxpayers Office, Karachi Shahid Iqbal Baloch, KaziHifzur Rehman, Commissioner-IR, to OICCI.

    CCIR LTO Karachi Shahid Iqbal Baloch highlighted the role of his office in the collection of all domestic taxes particularly with reference to members of OICCI, who are the highest taxpayers of the country.

    The members of OICCI shared their views and issues of taxation with the Chief Commissioner-IR, LTO, Karachi who also ensured their timely completion and highlighted that the team of officers posted at LTO, Karachi are thorough professionals and it was reiterated that all their pending issues related to taxes shall be completed as per law accordingly.

    The meeting ended with vote of thanks by the Chief Commissioner-IR, LTO, Karachi Mr. Shahid Iqbal Baloch.

    LTO Karachi, PBC discuss tax issues
  • German body seeks investment opportunities in Pakistan

    German body seeks investment opportunities in Pakistan

    KARACHI: A 20-member German Emirati Chamber of Commerce & Industry (AHK) business delegation, which is visiting Pakistan for a firsthand assessment of business and investment opportunities in the country held a meeting today with foreign investors, members of Overseas Investors Chamber of Commerce and Industry (OICCI).

    The German Business delegation was accompanied by Holger Ziegeler, German Consul General in Karachi, and First Secretary for Economic Affairs at the German Embassy in Islamabad.

    OICCI CEO/Secretary General M. Abdul Aleem, shared a detailed presentation, highlighting the liberal policies in Pakistan for foreign direct investment (FDI) which offers tremendous opportunities for new investment. Commenting on the investment opportunities in Pakistan, Aleem stated: “OICCI members have benefitted by taking a longer-term view which is illustrated by the fact OICCI members have re-invested over US$ 18 billion in the last 9 years which is more than the total FDI inflow into the country during this period.”

    The OICCI shared with the 20 members of the German Business delegation the results of the recent Business Confidence Index Survey carried out from May to July 2021 showing a dramatic upswing in Business confidence across Pakistan by 59 per cent since the last BCI survey done in the same period in 2020. “The OICCI members randomly included in the survey are more upbeat as their confidence level has gone up by 108’, Aleem added.

    Oliver Oehms, CEO of the visiting German Emirati Joint Council for Industry and Commerce and other members of the delegation enquired about several matters, including potential sectors for investment, special concessions for major investment in Pakistan, incentives relating to Special Economic Zones, major development projects on tourism, the impact of increasing inflation on businesses in Pakistan,  tax incentives for putting up export-based industries using imported raw materials and the most reliable government agency to facilitate the potential foreign investors. All the queries were duly responded by the OICCI members at the meeting.

    Record improvement in foreign investors’ confidence
  • Record improvement in foreign investors’ confidence

    Record improvement in foreign investors’ confidence

    KARACHI: The business confidence score (BSC) of foreign investors operating in Pakistan have witnessed a record improvement.

    (more…)
  • Self assessment scheme to facilitate taxpayers: Tarin

    Self assessment scheme to facilitate taxpayers: Tarin

    KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets.

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