OICCI Proposes Ban on Rs. 5000 Currency Note to Promote Digital Payments, Reduce Corruption

Islamabad: The Overseas Investors Chamber of Commerce and Industry (OICCI), representing foreign investors in Pakistan, has recommended the discontinuation of the Rs. 5000 currency note in its budget proposals. The chamber believes this move will promote digital transactions and curb corruption by reducing cash-based dealings.
In its detailed set of recommendations, the OICCI has also proposed that the minimum taxable income threshold be raised to Rs. 1.2 million annually. For individuals earning up to Rs. 600,000 per year, a nominal token tax of Rs. 1000 should be applied.
The chamber called for a phased reduction of the sales tax rate on goods by 1% annually until it reaches 15%, and recommended gradually reducing the corporate tax rate from 28% to 25%. Additionally, the controversial super tax should be phased out — from 6% next year, to 3% the following year, and completely eliminated thereafter.
OICCI also urged for the removal of tax on bonus shares, and for tax exemptions granted to the former FATA and PATA regions to be withdrawn over the next three years. The publication of tax refund recipients and digital integration of the tax filing system with other government departments were also among the key demands.
To combat under-invoicing, the chamber suggested that import data be made public.