Daily Times

As the budget announcement for fiscal year 2024-25 nears, the Overseas Investors Chamber of Commerce (OICCI) has suggested abolition of Rs5,000 banknote in order to discourage cash transactions.

This was one of the recommendations given by the body to the government ahead of the upcoming budget. The government intends to present the budget for fiscal year 2024-25 on June 7, but an official date is yet to be issued.

The body, comprising of 200 multinational companies that represents foreign investors, also suggested making the national tax number (NTN) mandatory for bank accounts, sale and purchase of the cars, sale of expensive properties, those undertaking foreign travels or acquiring memberships in different clubs.

Moreover, OICCI suggested setting up a Federal Board of Revenue (FBR) wing for investigation of assets and sources of income that do not fall in line with the requirements of non-filers, and abolition of exemption given to the pensioners. The OICCI also suggested collection of income tax on all air tickets and imposition of withholding taxes on hoteling travel expenses. It may be noted that calls for discontinuing the Rs5,000 banknote have been made in the past as a Pakistan Tehreek-e-Insaf (PTI) senator, Mohsin Aziz had tabled a resolution in the Upper House of Parliament seeking ban on the highest denomination of Pakistani currency to end the “corruption and rein in inflation”, last year.