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, […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to made mandatory the filing of income tax return for account holders having turnover Rs2 million or above during a year. Overseas Investors Chamber of Commerce and Industry (OICCI) in its recommendations for budget 2022/2023, advised that FBR and State Bank of Pakistan (SBP) should […]

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has highlighted the issue of unjustified audit notices served to taxpayers and said as a result companies are incurring huge administrative costs. The OICCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) pointed out that each year companies are served […]

The Overseas Investors Chamber of Commerce and Industry (OICCI), representing foreign investors in Pakistan, has put forth a series of demands to the Federal Board of Revenue (FBR), with a key focus on the inter-adjustment of income and sales tax refunds as part of the law.