ISLAMABAD, Pakistan: Islamabad Chamber of Commerce and Industry (ICCI) on Saturday proposed to double the income tax threshold from existing level of Rs 400,000.
The threshold for tax on rental income for individuals and associations of persons should also be doubled from its current level of Rs 150,000 and rate of 10 per cent tax on such income should be reduced to 5 per cent.
ICCI President Atif Ikram Sheikh was talking to Mian Abdul Mannan, Member of the National Assembly, during hios visit to the chamber.
He said 15 percent tax on gross rental amount for companies was also high, which should be brought down to single digit level in the forthcoming budget.
He said the government should announce a special concessionary package for regular high taxpayers to give them a new identify in the society which would also promote better tax culture in the country.
He said the draft of a balanced rent law, prepared in consultation with all the stakeholders, was lying with the National Assembly’s standing committee concerned since long due to which rent disputes between the traders and the owners were on the rise in markets.
He stressed that Mian Abdul Manan should play his role in early passage of said draft bill into rent law that would help in resolving rent disputes amicably and promoting business activities.
He said the spadework for budget 2016-17 had almost been completed and the government was trying to save the common man from any adverse effects of new tax measures.
He said the new budget would continue to pursue the aim of facilitating taxpayers in order to promote tax culture in the country.
Mian Abdul Manan said the proposals submitted by trade bodies, chambers of commerce and associations from across the country for budget 2016-17 had been given due consideration by the government and interest of business community as well as the general public would be kept in view while giving final touches to the budget document.
He said the government machinery was hectically busy in finalizing budget 2016-17 and assured that after the budget, the draft bill for promulgation of a balanced rent control act in Islamabad, which was presented by him in the National Assembly, would be taken up for its early enactment into a law.
Source: APP
