OICCI peeved

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KARACHI: The foreign investors said that the proposals in the federal budget did not meet their expectations, said a statement on Wednesday.

 

“It appears that the opportunity of tax reform has not been availed by the new team and instead the government has resorted to old tactics of taxing the already taxed at higher rates,” Overseas Investors Chamber of Commerce and Industry (OICCI) said in its immediate reaction to finance minister’s budget speech. “Increase in sales tax and turnover tax will affect all our members negatively and we find this discouraging for future investments,” it added.

 

OICCI said the proposals lack incentives for genuine taxpayers and additional tax credit has not been advised for promoting new investment. “The one percent reduction in corporate tax rate is positive but the proposed increase in rate of turnover tax and additional withholding tax burden on various business segments will add to the misery of many.”



Courtesy:   The News


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