Investors Voice Concern Over Changes to Tax Laws
Foreign investors and local stakeholders in Karachi have voiced alarm over changes to the Income Tax Act, claiming that they may deter prospective businessmen from investing money in Pakistan.
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In contrast to the potential blow to international investors’ confidence in Pakistan, Aleem said, the rise in tax collection following the loss of exemptions would be negligible.
He asked the authorities to study the withdrawal of exemptions being considered while keeping the potential costs in mind, and to limit the proposed revisions to merely fixing inconsistencies in the income tax legislation in order to avoid sending the wrong signals to the foreign investors.
Ehsan Malik, CEO of the Pakistan Business Council, wrote a separate letter to the government pleading with it to hold off on removing Clause B103C from Part-I of the Second Schedule of the Income Tax Ordinance 2001.
The Finance Act of 2007 introduced the idea of holding corporations in an effort to strengthen Pakistani organizations so they could compete in both the local and global markets, he recalled.
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Malik continued by saying that once the Finance Act of 2007 was unveiled, the tax code was altered by the addition of Sections 58B and 59AA, which dealt with group relief and group taxes, respectively.
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