Overseas Investors Paid Rs. 2.7 Trillion In Taxes Despite Economic Challenges

Members of the Overseas Investors Chamber of Commerce and Industry (OICCI) paid Rs. 2.7 trillion in taxes during 2024. The participation reflects continued confidence and long-term commitment of overseas investors to Pakistan’s economy despite a tough macroeconomic environment. The OICCI’s latest Annual Contribution Report 2024 shows that its more than 200 member companies contributed almost Rs. 10 billion daily in government levies accounting for nearly 30 percent of the Federal Board of Revenue’s (FBR) total tax collections. During the fiscal year, OICCI members achieved a profit before tax (PBT) of Rs. 1.2 trillion, marking an average growth of 34 percent between 2020 and 2024. Their aggregate turnover exceeded Rs. 11 trillion, while total assets climbed to Rs. 34 trillion. Capital expenditure during the period reached Rs. 470 billion, highlighting sustained reinvestment in the local economy. The report underlines that between FY2015 and FY2024, OICCI members’ cumulative investment of USD 22.9 billion exceeded Pakistan’s total net foreign direct investment (FDI) inflows of USD 22.1 billion during the same period. This consistent reinvestment, the report said, shows strong trust in Pakistan’s long-term potential from existing foreign investors — even as new FDI inflows have struggled in recent years. The banking, oil and gas, telecommunications, and chemical sectors remained the biggest contributors, driving the bulk of turnover and assets. The banking and finance sector alone accounted for 73 percent of member assets, underscoring its profitability and ongoing expansion. OICCI Secretary General M. Abdul Aleem said the numbers reflect “a deep-rooted commitment to Pakistan’s progress.” He noted that OICCI members, drawn from 30 countries and 13 key sectors, have continued to “create jobs, pay significant taxes, and drive innovation” despite inflation, policy uncertainty, and global volatility. He added that the OICCI would continue to advocate for policy reforms that attract new FDI and promote sustainable growth, reinforcing Pakistan’s position as an attractive destination for global investors. The OICCI, established over a century ago, represents some of the world’s largest multinational firms operating in Pakistan. It is widely regarded as the leading platform for foreign investors, often serving as the first point of engagement for global corporations exploring entry into the country. Pakistan has struggled to attract new foreign investment in recent years amid macroeconomic instability, rupee depreciation, and regulatory uncertainty. However, the OICCI report indicates that existing investors continue to reinvest profits, suggesting confidence in policy continuity and the resilience of Pakistan’s consumer market.