Due share: Traders should be fully included in tax net, says ICCI
All commercial connections will need NTN.
8m Is the estimated number of commercial connection holders who pay advance WHT but do not file return. CREATIVE COMMONS
ISLAMABAD:
Traders should pay regular tax and play a role in the economic development of the country, said Islamabad Chamber of Commerce & Industry (ICCI) Senior Vice President Khalid Chaudhry, while addressing a delegation of Traders Welfare Association (TWA), Pakistan Public Works Department (PWD) that visited the ICCI.
Chaudhry said the government has taken many initiatives in the new budget to expand the tax net due to which tax revenue is expected to improve. He said the ICCI has always been advocating for enhancing the tax net instead of overburdening existing taxpayers and it is encouraging that the government has made some progress in the matter.
He informed the traders that all commercial connections will be provided on obtaining the National Tax Number (NTN) and they should prepare themselves for registration in the system. He said budget 2014-15 has proposed to charge 5 percent tax on retailers having monthly electricity bill up to Rs20,000 and 7.5 percent on more than Rs20,000.
Chaudhry said there are around 8 million commercial connections holders who pay advance withholding tax (WHT) but those who do not file returns remain out of the tax net. He assured traders that the ICCI would continue to work for resolving their problems and to facilitate them in their business pursuits.
Speaking at the occasion the TWA, PWD Islamabad president highlighted the issues being faced by the local business community.
He said there are about 2,000 traders in PWD, Pakistan Town and Police Foundation localities, but absence of rent control act was their biggest issue due to which they always feel insecure. He said the ICCI should play its role for early promulgation of a balanced rent control act in Islamabad.
Published in The Express Tribune, June 13th, 2014.
Traders should pay regular tax and play a role in the economic development of the country, said Islamabad Chamber of Commerce & Industry (ICCI) Senior Vice President Khalid Chaudhry, while addressing a delegation of Traders Welfare Association (TWA), Pakistan Public Works Department (PWD) that visited the ICCI.
Chaudhry said the government has taken many initiatives in the new budget to expand the tax net due to which tax revenue is expected to improve. He said the ICCI has always been advocating for enhancing the tax net instead of overburdening existing taxpayers and it is encouraging that the government has made some progress in the matter.
He informed the traders that all commercial connections will be provided on obtaining the National Tax Number (NTN) and they should prepare themselves for registration in the system. He said budget 2014-15 has proposed to charge 5 percent tax on retailers having monthly electricity bill up to Rs20,000 and 7.5 percent on more than Rs20,000.
Chaudhry said there are around 8 million commercial connections holders who pay advance withholding tax (WHT) but those who do not file returns remain out of the tax net. He assured traders that the ICCI would continue to work for resolving their problems and to facilitate them in their business pursuits.
Speaking at the occasion the TWA, PWD Islamabad president highlighted the issues being faced by the local business community.
He said there are about 2,000 traders in PWD, Pakistan Town and Police Foundation localities, but absence of rent control act was their biggest issue due to which they always feel insecure. He said the ICCI should play its role for early promulgation of a balanced rent control act in Islamabad.
He said traders have many issues with local administration and they need the ICCI’s guidance and support to solve their problems.
Published in The Express Tribune, June 13th, 2014.