LAHORE: The Overseas Investors of Commerce & Industry (OICCI) has termed broadening of tax base and increase in revenue a key to the development of any country and urged the government to focus on this important issue instead of overburdening the existing taxpayers in the upcoming federal budget for the fiscal year 2024-25.

“The tax collection currently is a fraction of the tax due to GoP. Therefore, the tax-to-GDP ratio must be increased to at least 15 per cent of GDP. It is recommended to allocate a major portion of FBR resources (IT, manpower, intelligence, data collection) towards broadening tax base,” the OICCI said in its budget proposals submitted to the government.

The chamber is of the view that all sectors should contribute to the national exchequer.

Published in Dawn, May 12th, 2024