Tax sectors with higher GDP share: OICCI

Major overseas investors, in their taxation proposals for the upcoming budget for fiscal year 2024-25, have asked the federal government to consider taxing the untapped sectors which have a high potential and a huge share in the country’s gross domestic product (GDP). These sectors include immovable property, undocumented non-corporate businesses, transport and construction businesses, which enjoy the advantage of not being appropriately taxed. The Overseas Investors Chamber of Commerce and Industry (OICCI) elaborated that broadly there were two types of immovable properties – agricultural property and non-agricultural property. In the first place, details of both types of properties should be acquired by the Federal Board of Revenue (FBR) and matched with the wealth statements of taxpayers to identify the undeclared properties and their owners.