Latest news with #MAbdulAleem
Business Recorder
5 days ago
- Business
- Business Recorder
OICCI demands implementation of tax reforms
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has called on the government to immediately implement long-delayed tax reforms, including a phased reduction in the corporate tax rate from 29 percent to 25 percent by 2030, to align Pakistan with regional economies and attract sustainable foreign direct investment. Declaring that Pakistan is at a crossroads, OICCI Secretary General M Abdul Aleem warned that the window for reform is rapidly closing, and stressed the need for a fair, predictable, and investment-friendly tax regime in the upcoming Budget 2025-26. 'If we want to attract sustainable investment, widen our tax base, and support economic growth; the time to act is now, and initiate long term tax reforms. OICCI's proposals are not just about reducing taxes, they're about creating a system that is fair, predictable, and future-ready.' Talking to Business Recorder on Budget proposals related to tax, the Secretary General said that every year the OICCI, after consultation with its members, put forward practical, data-backed recommendations to the government of Pakistan whose aim is to encourage investment, promote ease of doing business, and a growth-oriented tax system. OICCI seeks key tax reforms to increase tax-to-GDP ratio For Budget 2025–26, OICCI focused on five key areas including corporate tax rationalisation, broadening of the tax base, encouraging local manufacturing, supporting exports and green investments, and easing compliance for taxpayers. 'We have also proposed a gradual phasing out of the super tax; 6 percent this year, 3 percent next year, and full elimination by FY28,' he added. OICCI strongly believes the proposed action will encourage formalisation and ease the burden on compliant taxpayers who are currently facing a disproportionately high effective tax rate, he said. Aleem said that broadening the tax base remains a high-priority area and all sectors especially trade, agriculture, and services to be brought into the tax net proportionate to their share in GDP. It has observed that with some extra efforts there is data available in the overall banking and trade system to broaden the tax base. In addition, OICCI has also called for a timeline to phase out tax exemptions in FATA/ PATA, greater transparency in refund disbursements, and strict enforcement against the illicit tobacco trade. Copyright Business Recorder, 2025
Express Tribune
29-04-2025
- Business
- Express Tribune
Overseas investors seek major tax reforms
Listen to article Overseas investors have urged the government to implement a comprehensive roadmap for tax reforms to broaden the tax base, improve compliance, attract investment, and enhance the Federal Board of Revenue's (FBR) revenue collection. Speaking to a select group of journalists at the Overseas Investors Chamber of Commerce and Industry (OICCI) office on Tuesday, chamber representatives released their recommendations for the federal budget 2025-26. They emphasised that aligning tax contributions across sectors with their share of GDP could raise the tax-to-GDP ratio to 14%, up from the current level of less than 10%. Key proposals include reducing the corporate tax rate to 28% for FY2025-26, with a 1% annual reduction to reach 25% over five years — bringing Pakistan in line with other emerging economies. The OICCI also called for reducing the sales tax on goods to 17%, followed by a phased reduction to 15%, and harmonising federal and provincial sales tax rates. Bringing under-taxed sectors like agriculture, real estate, and wholesale/retail trade into the formal tax net was highlighted as essential to sustainably expanding the base. The chamber recommended gradually abolishing the super tax within three years and stressed the need for stronger enforcement against illegal cigarette trade, which causes annual losses exceeding Rs300 billion. OICCI President Yousaf Hussain said, "Our proposals focus on creating a transparent, predictable, and equitable tax system to promote investment, growth, and job creation." In the energy sector, the OICCI proposed taxing all major petroleum products and urged the FBR to release over Rs120 billion in pending refunds. They also suggested increasing the individual taxable income threshold to Rs1.2 million while maintaining mandatory tax filing for those earning above Rs600,000. OICCI Secretary General M Abdul Aleem noted that consistent reforms and policy clarity could boost investor confidence and unlock Pakistan's growth potential.
Business Recorder
23-04-2025
- Business
- Business Recorder
ACCA partners with OICCI to foster sustainable business practices
KARACHI: The Association of Chartered Certified Accountants (ACCA) and the Overseas Investors Chamber of Commerce and Industry (OICCI) solidified their commitment to advancing sustainable business practices in Pakistan by signing a Memorandum of Understanding (MoU) during a high-level meeting in Karachi. Led by Helen Brand OBE - Chief Executive of ACCA, and M Abdul Aleem - CEO & Secretary General of OICCI, the partnership aims to promote ESG integration, sustainability reporting, digital transformation, and strong corporate governance across Pakistan's business sector. This collaboration will focus on capacity-building, knowledge-sharing, and policy-advocacy to help businesses align with global sustainability standards and the UN Sustainable Development Goals. Helen Brand reiterated ACCA's commitment to sustainability and stated that: 'Both organizations are inspired to foster a responsible and transparent business environment. Leveraging ACCA's global expertise and OICCI's local insights, both organizations are supporting economic transformation and attracting investment.' The ongoing partnership will include joint-training, thought-leadership, and co-hosted industry events, reinforcing a shared vision for a progressive, future-ready corporate ecosystem in Pakistan. Copyright Business Recorder, 2025
