Jul 5

Foreign investors pay Rs1.4 trillion as annual tax revenue in Pakistan

KARACHI: The foreign firms operating in Pakistan have paid around Rs1.4 trillion as duty and taxes during fiscal year 2020/2021, said Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday. The OICCI is the chamber of leading over 200 foreign investors in Pakistan belonging to 35 countries. It released the consolidated financial contribution of […]

by Mrs. Anjum Shahnawaz

Foreign investors praise State Bank for facilitating remittances

Jun 15

Foreign investors praise State Bank for facilitating remittances

KARACHI: Foreign investors operating in the country have appreciated the significant improvement in the foreign exchange remittance processing time and in growing engagement of the State Bank of Pakistan (SBP) leadership with the key stakeholders. The Overseas Investors Chamber of Commerce and Industry (OICCI), released the results of their latest annual Remittance Survey 2021, conducted […]

by Mrs. Anjum Shahnawaz

Foreign investors call for strong protection of intellectual property rights

Apr 26

Trade & Industry

Foreign investors call for strong protection of intellectual property rights

KARACHI: Foreign investors from the platform of Overseas Chamber of Commerce and Industry (OICCI) have demanded strong protection of intellectual property rights in Pakistan for encouraging innovation and creativity in people and society. ‘The Overseas Investors Chamber of Commerce and Industry (OICCI) has always championed the cause of protecting Intellectual Property Rights in Pakistan which […]

by Mrs. Anjum Shahnawaz

FBR advised to simplify withholding tax regime on imports

Apr 24

Budget 2021-2022, Trade & Industry

FBR advised to simplify withholding tax regime on imports

KARACHI: Federal Board of Revenue (FBR) has been urged to simplify the withholding tax regime on imported goods under Section 148 of the Income Tax Ordinance, 2001. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 urged to FBR to simplify the withholding taxes on goods at the import stage. […]

by Mrs. Anjum Shahnawaz

FBR urged to revise slabs for advance tax collection on motor cars

Apr 17

Automotive, Budget 2021-2022, Taxation

FBR urged to revise slabs for advance tax collection on motor cars

KARACHI: Federal Board of Revenue (FBR) has been urged to revise slabs of engine capacity of motor cars to give benefit to buyers in payment of withholding tax. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 submitted to the FBR, said that advance tax under section 231B of Income […]

by Mrs. Anjum Shahnawaz

FBR recommended to reduce minimum tax for chemical companies

Apr 14

Budget 2021-2022, Trade & Industry

FBR recommended to reduce minimum tax for chemical companies

KARACHI: Federal Board of Revenue (FBR) has been urged to reduce minimum tax rate for chemical companies having large turnover with low profit margins. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 submitted to the FBR, recommended that minimum tax rate should be reduced to 0.2 percent for large […]

by Mrs. Anjum Shahnawaz

Normal corporate tax rate for banking sector recommended

Apr 13

Budget 2021-2022, Money & Banking, Taxation

Normal corporate tax rate for banking sector recommended

KARACHI: Foreign investors have recommended that corporate tax rates for the banking sector should be aligned with other sectors. At present the banking sector is paying 35 percent corporate tax rate as compared with 29 percent corporate tax rate for other sectors. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget […]

by Mrs. Anjum Shahnawaz

Abolishing withholding tax, reducing sales tax rate on telecom services recommended

Apr 13

Budget 2021-2022, IT & Telecom, Taxation

Abolishing withholding tax, reducing sales tax rate on telecom services recommended

KARACHI: Federal Board of Revenue (FBR) has been urged to abolish withholding tax rate at 12 percent on telecom services to promote the accessibility of internet/data services to the low-income group. Similarly, Federal Excise Duty (FED) is charged at 17 percent on telecom services which is on higher side as compared to other sectors, and […]

by Mrs. Anjum Shahnawaz

Foreign investors demand pending refunds payment in six months

Apr 11

Budget 2021-2022, Trade & Industry

Foreign investors demand pending refunds payment in six months

KARACHI: Foreign investors operating in Pakistan have demanded to clear all pending sales tax refunds in next six months. Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of foreign investors, in its proposals for budget 2021/2022 demanded that all pending tax refund be cleared within next six months in an orderly/ prearranged […]

by Mrs. Anjum Shahnawaz

Listed companies should be exempted from electronic tax surveillance

Apr 11

Budget 2021-2022, Trade & Industry

Listed companies should be exempted from electronic tax surveillance

KARACHI: Federal Board of Revenue (FBR) has been urged to exempt listed companies from electronic surveillance of business and records. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 said that through SRO 888 of 2020 dated September 21, 2020, a new chapter was introduced in Sales Tax Rules, 2006 […]

by Mrs. Anjum Shahnawaz