{"id":64677,"date":"2020-04-26T10:00:00","date_gmt":"2020-04-26T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64677"},"modified":"2020-04-24T18:07:54","modified_gmt":"2020-04-24T13:07:54","slug":"oicci-asks-for-transparent-policies-long-term-tax-incentive","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/oicci-asks-for-transparent-policies-long-term-tax-incentive.html","title":{"rendered":"Ease of Doing Business: OICCI asks for transparent policies, long-term tax incentives"},"content":{"rendered":"\n<p>Lahore: The Overseas Investors Chamber of Commerce and Industry (OICCI) has written a letter to Prime Minister\u2019s Adviser on Finance Dr Abdul Hafeez Shaikh; calling upon the government to formulate and enforce transparent fiscal, long-term taxation policies and incentives pertaining to Ease of Doing Business (EODB), according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/foreign-investment-increased-513-fy2019-20.html\" target=\"_blank\" rel=\"noreferrer noopener\">Foreign investment increased by 513% in FY2019-20: SBP<\/a><\/p>\n\n\n\n<p>The letter states that improved fiscal policies and tax incentives can rebuild confidence and encourage both local and foreign investors to pursue long-term commitments. Further, it appealed to the government to implement new policies to regain investments in the services and manufacturing sectors following the dismantling of pandemic restrictions \u2013 once the situation deescalates.<\/p>\n\n\n\n<p>The OICCI, additionally, has urged the government to extend its credit timelines to June 2023 for new investments; in a bid to incentivize long-term projects (which can lead to a considerable improvement in the economic development of the country).<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/rising-foreign-exchange-reserves-avert-imfs-help-sbp-governor.html\" target=\"_blank\" rel=\"noreferrer noopener\">Rising foreign exchange reserves might avert IMF\u2019s help: SBP governor<\/a><\/p>\n\n\n\n<p>Further, the chamber has asked for an extension of tax credit scope on employment generation (given in manufacturing) to services industries; The chamber also asked for one sales tax return for the simplification of the tax compliance through harmonized sales tax rate countrywide. Additionally, it also urged the government to reduce the withholding taxes from five to 50% and slash the general rates of minimum taxes.<\/p>\n\n\n\n<p>The letter recommended the slashing of withholding taxes on the import of new machinery and plants by industries to increase manufacturing capacity; further stating that allowing raw material imports without the requirement for advance tax payments in the first production year would ease the start-up costs.<\/p>\n\n\n\n<p>Lastly, the <a href=\"https:\/\/www.zameen.com\/news\/foreign-investors-cautiously-optimistic-oiccis-survey.html\" target=\"_blank\" rel=\"noreferrer noopener\">OICCI<\/a> appreciated the government\u2019s efforts against the coronavirus pandemic in spite of its access to limited resources.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The Overseas Investors Chamber of Commerce and Industry (OICCI) has written a letter to Prime Minister\u2019s Adviser on Finance Dr Abdul Hafeez Shaikh; calling upon the government to formulate and enforce transparent fiscal, long-term taxation policies and incentives pertaining to Ease of Doing Business (EODB), according to news sources. Read: Foreign investment increased by 513% in FY2019-20: SBP The letter states that improved fiscal policies and tax incentives can rebuild confidence and encourage both local and foreign investors to pursue long-term commitments. Further, it appealed to the government to implement new policies to regain investments in the services and manufacturing sectors following the dismantling of pandemic restrictions \u2013 once the situation deescalates. The OICCI, additionally, has urged the government to extend its credit timelines to June 2023 for new investments; in a bid to incentivize long-term projects (which can lead to a considerable improvement in the economic development of the country). Read: Rising foreign exchange reserves might avert IMF\u2019s help: SBP governor Further, the chamber has asked for an extension of tax credit scope on employment generation (given in manufacturing) to services industries; The chamber also asked for one sales tax return for the simplification of the tax compliance&hellip;<\/p>\n","protected":false},"author":75,"featured_media":61105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15153],"tags":[27331,27332],"persona":[],"class_list":{"0":"post-64677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-trade","8":"tag-oicci-asks-for-transparent-policies","9":"tag-the-overseas-investors-chamber-of-commerce-and-industry-oicci","10":"cat-15153-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 asks for transparent policies, long-term tax incentive- Zameen News<\/title>\n<meta name=\"description\" content=\"OICCI has written letter to Prime Minister\u2019s Adviser Dr Abdul Hafeez Shaikh; 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