Islamabad Chamber of Commerce and Industry President Atif Ikram Sheikh, while addressing an event attended by Member National Assembly and Standing Committee on Parliamentary Affairs Chairman Mian Abdul Manan, said that due to devaluation of rupee, Pakistani currency has lost a sufficient value, and demanded the government revise threshold of income tax from the current level of Rs 400,000 and double it.
He urged that threshold for tax on rental income for individuals and associations of persons under the Section-155 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. He said that 15 per cent tax on gross rental amount for companies under the Section-155 was too high, and stressed it would 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 society which would also promote a better tax culture in the country.
MNA Mian Abdul Manan visited the Islamabad Chamber of Commerce and Industry to discuss matters related to the forthcoming budget and promulgation of a new rent control act.
He said that the spadework for budget 2016-17 has almost been completed and government is trying to save the common man from any adverse impact 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.
Manan said the proposals submitted by trade bodies, chambers of commerce and associations from across the country for budget 2016-17 have been given a due consideration by the government. The interest of business community as well as general public would be kept in view while giving final touches to the budget document, he added.
Manan said the government machinery was hectically busy in finalising the budget 2016-17, and assured that after the budget, draft bill for promulgation of a balanced rent control act in Islamabad would be taken up for its early enactment into a law.
The ICCI president said that draft of a balanced rent law, prepared in consultation with all stakeholders, was lying with the standing committee of National Assembly concerned since long, due to which rent disputes between the traders and owners were on the rise in markets. He also asked Mian Manan to play his role in early passage of the said draft bill into rent law which would help in resolving rent disputes amicably.
