As the fiscal year 2024-25 budget announcement approaches, the Overseas Investors Chamber of Commerce (OICCI) has recommended the abolition of the Rs5,000 banknote to reduce cash transactions. The budget is expected to be presented on June 7, though the official date has not been confirmed.
OICCI, representing 200 multinational companies, also proposed making the national tax number (NTN) mandatory for opening bank accounts, buying or selling cars and expensive properties, undertaking foreign travel, and acquiring club memberships. Additionally, they suggested establishing a Federal Board of Revenue (FBR) wing to investigate assets and income sources of non-filers, and removing tax exemptions for pensioners.
Other recommendations include collecting income tax on all air tickets and imposing withholding taxes on hotel and travel expenses. The call to discontinue the Rs5,000 note has been made before, notably by PTI senator Mohsin Aziz, who argued it would help curb corruption and inflation.
