In March 2022, the OICCI submitted its OICCI Taxation Proposals for the Fiscal Budget 2022-23 to key entities, including the Chairman of the Federal Board of Revenue (FBR), the Ministry of Finance & Revenue, and the Ministry of Commerce. The OICCI firmly advocates for the simplification, predictability, transparency, and consistency of tax policies and their implementation to support and safeguard long-term investment plans. The organization emphasizes the importance of adopting a long-term vision in the execution of these policies.

Considering the challenging macro-economic environment characterized by significant devaluation of the Pakistani Rupee and high inflation rates, the Finance Bill 2022-23 incorporated some of the OICCI's proposals either partially or in full. These proposals included the reduction of the Minimum Tax Regime (MTR) rate for Oil Marketing Companies (OMCs) from 0.75% to 0.5%, the allowance of 100% depreciation in the first year, the sales tax zero-rating on local supplies under the Export Finance Scheme (EFS), and the proposal to make certain provisions, such as Section 177 (Audit) and Section 214C (Selection for audit by the Board), inapplicable if the taxpayer's income tax affairs have been audited in any of the preceding four tax years.