KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday said its members had contributed more than Rs1.4 trillion approximately Rs5 billion per working day to the national tax revenue.
According to the OICCI 2020 Economic Contribution Survey based on responses from 170 members, their contribution was about one-third of the country’s total tax collection. Two of the OICCI members paid taxes in excess of Rs100bn each, the chamber added.
OICCI President Irfan Siddiqui said members of the chamber were playing a prominent role in a growing economy supported by a predictable, transparent and stable policy framework.
Published in Dawn, July 6th, 2021
Daily Times
July 6, 2021
The Overseas Investors Chamber of Commerce and Industry (OICCI) has contributed over Rs1.4 trillion towards the tax revenue and made over $2.4 billion investment in Pakistan during the financial year 2020-21.
This was disclosed in the OICCI 2020 Economic Contribution Survey, an annual exercise being conducted since 2009, said a press statement issued on Monday.
OICCI President Irfan Siddiqui said, “We are proud that in the past twelve months, OICCI members, despite very challenging and uncertain business environment due to Covid-19 impact on the business and life of people globally and in Pakistan, contributed over Rs 1.4 trillion, or approximately Rs5 billion each working day, towards the tax revenue of Pakistan, approximately one-third of the total tax collection in the country. Two of the OICCI members paid taxes in excess of Rs100 billion each.”
Foreigners invest $2.4b in 2020
Survey reveals OICCI members contributed Rs1.4tr to Pakistan’s tax revenue
KARACHI:
Despite the Covid-19 pandemic, the country managed to attract foreign investors, who invested $2.4 billion and contributed Rs1.4 trillion in taxes during 2020.
The Overseas Investors Chamber of Commerce and Industry (OICCI), comprising over 200 foreign investors in Pakistan belonging to 35 countries, released the consolidated financial contribution from its members for the year 2020 based on feedback from 170 members, 50 of whom are subsidiaries of Fortune 500 companies.
“Foreign investors are contributing in all major industrial sectors, where they are investing in goods as well as services,” said Prime Minister’s Economic Advisory Council member Dr Abid Qaiyum Suleri while speaking to The Express Tribune.
Mixed signals on the security strategy from the powerful hierarchy in Pakistan were found to be unnerving.
Mixed signals on the security strategy from the powerful hierarchy in Pakistan were found to be unnerving. Business leaders perceive the next six months to be critical as they think the pressure is mounting from regional and global partners while the spillover of the evolving Afghan situation into Pakistan appears inevitable.
After publicly acknowledging the primacy of the economic prism over the security prism, the military leadership last week cautioned over the repercussions of an abrupt policy shift. “The policy of strategic depth in Afghanistan has long been a cornerstone of our foreign policy. A sudden change may entail chain reactions with the potential of spiralling out of control,” a political analyst elaborated the view.
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