OICCI urges govt to boost revenue

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday urged the government to broaden the revenue base to increase collections and reduce burden on already tax paying businesses.

The chamber also called for bringing reforms in key state institutions. OICCI chief Amir Paracha said the government needed to “streamline unreasonable high taxes on the corporate sectors following the introduction of new taxes including Super Tax”.

He was of the view that the government could reduce tax burden on organised businesses and increase its collection by boosting the revenue base.

“The government should broaden the tax base, reduce governance cost, bring reforms in all key state institutions including the revenue authorities, SOEs, and the regulatory bodies,” Paracha said.

Pakistan attracts insignificant foreign direct investment as per its potential, OICCI chief added, who informed that the chamber’s members added investments of up to $22 billion in past ten years, expanding their footprints in Pakistan.