ISLAMABAD: Pakistan’s deal with the International Monetary Fund to release two tranches worth $1.17 billion under a stalled loan facility is trudging closer to the finish line as an agreement.
National
May 25, 2021
ISLAMABAD: The government is contemplating upon different options to provide relief to the country’s giant multinational companies including slashing down turnover tax from the existing rate of 1.5 per cent to 0.5 per cent in the upcoming budget.
On a unanimous charter of demands presented by three chambers including Overseas International Chambers of Commerce and Industries (OICCI), Pakistan Business Council (PBC) and American Business Council (ABC) during their virtual meeting with Federal Minister for Finance Shaukat Tarin on Monday, they tabled 10 major demands and reduction in the turnover tax at the existing rate of 1.5 per cent was described as a matter of their survival so they demanded reducing it to 0.5 per cent in the upcoming budget. The FBR high-ups were also present in the meeting.
National
May 25, 2021
ISLAMABAD: The government is contemplating upon different options to provide relief to the country’s giant multinational companies including slashing down turnover tax from the existing rate of 1.5 per cent to 0.5 per cent in the upcoming budget.
On a unanimous charter of demands presented by three chambers including Overseas International Chambers of Commerce and Industries (OICCI), Pakistan Business Council (PBC) and American Business Council (ABC) during their virtual meeting with Federal Minister for Finance Shaukat Tarin on Monday, they tabled 10 major demands and reduction in the turnover tax at the existing rate of 1.5 per cent was described as a matter of their survival so they demanded reducing it to 0.5 per cent in the upcoming budget. The FBR high-ups were also present in the meeting. All three chambers were unanimous in their demand that this turnover tax should be imposed on the basis of profits instead of turnover, but the government indicate
OICCI calls for radical steps to check tax evasion
National
May 3, 2021
ISLAMABAD: The Overseas International Chamber of Commerce and Industries (OICCI) has recommended to the finance teams working on the upcoming budget 2021-22 for seizure of local assets or levy appropriate taxes if any person holds any assets abroad.
The OICCI top office bearers, who held a meeting with Minister for Finance Shaukat Tarin and his economic team and recommended for bringing illicit trade into tax ambit especially tax evaded cigarettes that could fetch Rs 70 billion for the national kitty per annum, revising Afghan Transit Trade Agreement (ATTA) and registering all income earners into the tax net.