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OICCI submits taxation proposals for Punjab budget
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) submitted taxation proposals for the upcoming 2017-18 Punjab budget representing the collective recommendations of foreign investors. Commenting on the OICCI Punjab Province Taxation Proposals, OICCI President Khalid Mansoor said “OICCI Members commend the initiative being taken by the Punjab Government and Punjab Revenue Authority in […]
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) submitted taxation proposals for the upcoming 2017-18 Punjab budget representing the collective recommendations of foreign investors.
Commenting on the OICCI Punjab Province Taxation Proposals, OICCI President Khalid Mansoor said “OICCI Members commend the initiative being taken by the Punjab Government and Punjab Revenue Authority in broadening the reach of its coverage to 45000 registered taxpayers already and its active engagement in building a conducive private public partnership among the key stakeholders”. It is desirable, President OICCI further said “ that Punjab Government give a serious consideration to our taxation proposals which eventually will be a win win for the province, the country and the tax payers”.
The OICCI’s specific recommendations for inclusion in 2017-18 Punjab Budget include, Punjab sales tax rates which is 16% on services should be reduced in 2017 budget at parity with Sindh sales tax rate of 13% and gradually reduced to 10% over the next three years, Agricultural Income should be taxed on actual, and not notional income, including rent income of absentee landlords. This has also been OICCI recommendation for other provinces in Pakistan as well. Telephone usage sales tax rate of 19.5% percent, should be made equivalent to GST rate on services, Input Adjustment on Franchise Fee should be allowed to manufacturers, and this is also allowed in other provinces, Input tax paid by pharmaceutical industry and export of services by registered persons should be zero rated.
The OICCI Taxation Proposals for Punjab also include recommendations for a better co-ordination between all Sales Tax authorities in Punjab, Sindh, KPK and Balochistan and with FBR, a uniform definition of taxation of services and jurisdiction be agreed to facilitate the tax payers, and input of sales tax should be allowed as whole and not for the assets exclusively used in a province. Furthermore Federal and Provincial Governments should urgently address the issue of jurisdiction of WWF/WPPF and provide clarity to tax payers.
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