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KARACHI:Foreign investors have voiced regret over the issue of minimum tax regime (MTR) not being addressed in budget 2020-21 despite clear evidence that it is discriminatory for organisations with large turnover but limited profit.In a letter written to Adviser to PM on Finance Abdul Hafeez Shaikh, the Overseas Investors Chamber of Commerce and Industry (OICCI) proposed MTR rate to be reduced from the existing 1.5% to at least 0.5% for industry while for some specific sectors, it proposed 0.2% rate.The current credit incentive, granted for new investments, is expiring in a year hence the chamber requested the government to extend the scheme for two more years to encourage fresh investment.The Finance Bill 2020-21 proposes introduction of a new clause according to which, proportionate input tax cannot claimed. The clause stated that even an industrial undertaking
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