Tax inquiries worry small traders
ICCI asks FBR to drop inquiries, accept tax returns of the traders
The finance minister was requested to take notice of the tax inquiries faced by the small traders and accept their tax returns PHOTO: EXPRESS
ISLAMABAD:
Islamabad Chamber of Commerce and Industry (ICCI) Acting President Muhammad Naveed Malik has said that almost 80% of small taxpayers will fall below the income tax ceiling set for the upcoming fiscal year as the limit for tax levy has been extended up to Rs1.2 million in the budget for 2018-19.
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However, the Federal Board of Revenue (FBR) has selected many small traders through ballot for tax assessment and inquiries despite the fact that they will be exempted next year.
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Malik appealed to the FBR chairman to accept tax returns of the selected small traders. He was speaking to a delegation of the Traders Welfare Association of Islamabad that visited the ICCI, led by President Abid Hussain and Secretary Rana Altaf Hussain. Malik said the small traders were worried due to income tax issues as it was difficult for them to maintain record. “It is not wise to embarrass the traders by selecting them for tax inquiries,” he remarked.
He called the outgoing government’s step a bold one which introduced a tax amnesty scheme and increased the income tax threshold from Rs0.4 million to Rs1.2 million due to which small traders and businessmen got exemption.
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He requested the finance minister to take notice of the tax inquiries faced by the small traders and accept their tax returns.
Published in The Express Tribune, June 10th, 2018.
Islamabad Chamber of Commerce and Industry (ICCI) Acting President Muhammad Naveed Malik has said that almost 80% of small taxpayers will fall below the income tax ceiling set for the upcoming fiscal year as the limit for tax levy has been extended up to Rs1.2 million in the budget for 2018-19.
ICCI calls for resolving water crisis
However, the Federal Board of Revenue (FBR) has selected many small traders through ballot for tax assessment and inquiries despite the fact that they will be exempted next year.
ICCI concerned over rising external debt
Malik appealed to the FBR chairman to accept tax returns of the selected small traders. He was speaking to a delegation of the Traders Welfare Association of Islamabad that visited the ICCI, led by President Abid Hussain and Secretary Rana Altaf Hussain. Malik said the small traders were worried due to income tax issues as it was difficult for them to maintain record. “It is not wise to embarrass the traders by selecting them for tax inquiries,” he remarked.
He called the outgoing government’s step a bold one which introduced a tax amnesty scheme and increased the income tax threshold from Rs0.4 million to Rs1.2 million due to which small traders and businessmen got exemption.
Demand: ICCI against increasing oil prices
He requested the finance minister to take notice of the tax inquiries faced by the small traders and accept their tax returns.
Published in The Express Tribune, June 10th, 2018.