Continuing its rich tradition, the Overseas Investors Chamber of Commerce and Industry (OICCI) welcomed officers from the 50th Inland Revenue Service Academy for a specialized training session on December 6, 2023. The delegation received a warm welcome from M. Abdul Aleem – CE/Secretary General, OICCI, and Aman Ghanchi – Company Secretary, Unilever, along with senior members of the Taxation Subcommittee, including Kashif Usmani – Senior Manager Taxation, Meezan Bank Limited, Syed Muhammad Imran Younus – Head of Projects/Taxation, Archroma, Deepak Kumar, ACA – Lucky Core Industries, and Asif Al-Amin Poonjani – Standard Chartered Bank.

M Abdul Aleem presented a comprehensive profile of the OICCI, covering its structure, membership composition, role in facilitating foreign direct investment (FDI), research study results, and members' contributions to Pakistan's economy.

During the session, challenges faced by the private sector, especially in taxation matters, were highlighted. These challenges included high effective tax and salaried individuals' tax rates with regional comparisons, lack of harmonization/conflicts between Federal and Provincial legislations, complicated withholding tax, long outstanding tax refunds, massive excise duty evasion, and high minimum turnover tax.

Addressing how the government can assist in resolving these issues, OICCI representatives strongly advocated for all sectors to contribute to the national exchequer in proportion to their GDP contributions. They urged the Federal Board of Revenue (FBR) to focus on broadening the tax base through the effective use of AI technology and the digitization of the economy.

The visit concluded with the delegates expressing their appreciation for OICCI's time and active participation in addressing their challenges. The session reached its conclusion with a collective call to action, urging stakeholders to engage in resolving these pressing issues and collaboratively contribute to fostering a more conducive business environment.