{"id":102107,"date":"2025-05-01T10:51:00","date_gmt":"2025-05-01T05:51:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=102107"},"modified":"2025-04-30T16:54:58","modified_gmt":"2025-04-30T11:54:58","slug":"oicci-urges-tax-reforms-in-budget-2025-26","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/oicci-urges-tax-reforms-in-budget-2025-26.html","title":{"rendered":"OICCI urges comprehensive tax reforms in Budget 2025-26 proposals"},"content":{"rendered":"\n<p>Karachi: The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted its proposals for the Federal Budget 2025-26, advocating for significant tax reforms aimed at broadening the tax base, improving compliance, facilitating investment, and enhancing the Federal Board of Revenue&#8217;s (FBR) revenue generation capacity.\u200b<\/p>\n\n\n\n<p>Among the key recommendations, the OICCI suggests reducing the corporate tax rate to 28% for FY2025-26, with a structured plan to lower it by one percentage point annually, reaching 25% within five years. This gradual reduction would align Pakistan&#8217;s corporate tax regime with those of other emerging economies and enhance its global competitiveness.\u200b<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/digitisation-economy-usd-60-bn-annually.html\" target=\"_blank\" rel=\"noreferrer noopener\">Digitisation of economy can fetch USD 60 bn annually: OICCI<\/a><\/p>\n\n\n\n<p>To sustainably grow the tax base, the OICCI emphasizes the urgent need to bring traditionally under-taxed sectors\u2014agriculture, real estate, and wholesale\/retail trade\u2014into the formal tax net. The chamber also recommends reducing the sales tax rate on goods to 17% immediately, followed by an annual one percentage point reduction until it reaches 15%, in line with regional averages. Harmonizing sales tax rates between the federal and provincial governments is also deemed vital to simplifying compliance and encouraging business growth.\u200b<\/p>\n\n\n\n<p>Further proposals include the phased abolition of the Super Tax within three years to foster a more predictable and business-friendly fiscal environment. The OICCI also highlights the ongoing issue of illegal cigarette trade, which results in tax losses exceeding Rs300 billion annually, urging strict enforcement measures to curb this major revenue leakage.\u200b<\/p>\n\n\n\n<p>In the energy sector, the OICCI recommends that all major petroleum products be treated as taxable supplies at the appropriate sales tax rates to ensure a fairer and broader contribution from the sector.\u200b<\/p>\n\n\n\n<p>The chamber also urges measures to expedite the release of over Rs120 billion in pending tax refunds by the FBR, noting that consistent and transparent policy implementation is essential for building investor confidence and attracting greater foreign direct investment (FDI).\u200b<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/oicci-shares-data-foreign-investments-made-2019.html\" target=\"_blank\" rel=\"noreferrer noopener\">OICCI shares data on foreign investments made in 2019<\/a><\/p>\n\n\n\n<p>One of the chamber&#8217;s notable suggestions is to raise the taxable income threshold to Rs1.2 million annually per individual. However, to maintain and expand the taxpayer base, mandatory tax filing should continue to apply to all individuals earning over Rs600,000 per year.\u200b OICCI Secretary General M Abdul Aleem stated that with the right reforms and consistent policy execution, Pakistan could significantly expand its revenue base, restore business confidence, and position itself as a more attractive investment destination<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted its proposals for the Federal Budget 2025-26, advocating for significant tax reforms aimed at broadening the tax base, improving compliance, facilitating investment, and enhancing the Federal Board of Revenue&#8217;s (FBR) revenue generation capacity.\u200b Among the key recommendations, the OICCI suggests reducing the corporate tax rate to 28% for FY2025-26, with a structured plan to lower it by one percentage point annually, reaching 25% within five years. This gradual reduction would align Pakistan&#8217;s corporate tax regime with those of other emerging economies and enhance its global competitiveness.\u200b Read: Digitisation of economy can fetch USD 60 bn annually: OICCI To sustainably grow the tax base, the OICCI emphasizes the urgent need to bring traditionally under-taxed sectors\u2014agriculture, real estate, and wholesale\/retail trade\u2014into the formal tax net. The chamber also recommends reducing the sales tax rate on goods to 17% immediately, followed by an annual one percentage point reduction until it reaches 15%, in line with regional averages. Harmonizing sales tax rates between the federal and provincial governments is also deemed vital to simplifying compliance and encouraging business growth.\u200b Further proposals include the phased abolition of the Super Tax within three years&hellip;<\/p>\n","protected":false},"author":18,"featured_media":61105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[59723,62476,64338,7498,3362,60626,18235,64339,61435,64337,34475,3316,27876,64335,62106,31455,60968,64336,1109,17837,32479,64340],"persona":[],"class_list":{"0":"post-102107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-agriculture-tax","9":"tag-budget-2025-26","10":"tag-corporate-tax-rate","11":"tag-economic-growth","12":"tag-fbr","13":"tag-fiscal-policy","14":"tag-foreign-direct-investment","15":"tag-illegal-cigarette-trade","16":"tag-investment-climate","17":"tag-oicci","18":"tag-pakistan-economy","19":"tag-real-estate-tax","20":"tag-sales-tax-reduction","21":"tag-super-tax-abolition","22":"tag-tax-base-expansion","23":"tag-tax-compliance","24":"tag-tax-exemptions","25":"tag-tax-policy-recommendations","26":"tag-tax-reforms","27":"tag-tax-refunds","28":"tag-tax-to-gdp-ratio","29":"tag-wholesale-retail-tax","30":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OICCI urges tax reforms in Budget 2025-26 - Zameen News-<\/title>\n<meta name=\"description\" content=\"The chamber also urges measures to expedite the release of over Rs120 billion in pending tax refunds by the FBR....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/oicci-urges-tax-reforms-in-budget-2025-26.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OICCI urges tax reforms in Budget 2025-26 - Zameen News-\" \/>\n<meta property=\"og:description\" content=\"The chamber also urges measures to expedite the release of over Rs120 billion in pending tax refunds by the FBR....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/oicci-urges-tax-reforms-in-budget-2025-26.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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