Traders hails Tax Amnesty Bill ap­proves by NA

The Pak Banker - - NATIONAL -

The busi­ness com­mu­nity of Rawalpindi and Is­lam­abad has hailed the tax amnesty bill ap­proved by the Na­tional As­sem­bly say­ing the bill would ex­pend the tax base in the coun­try.

"Small traders will be ben­e­fit­ted from the In­come Tax (Amend­ment) Bill 2016 and en­cour­age the non tax fil­ers to come in tax net be­sides in­creas­ing the tax fil­ers num­ber from 700,000 to 1.7 mil­lion as per com­mit­ment by busi­ness com­mu­nity dur­ing the di­a­logue with govern­ment," Pres­i­dent Is­lam­abad Cham­ber of Com­merce and In­dus­tries (ICCI) Atif Ikram Sheikh said on Fri­day.

While talk­ing to APP here, he said that the tax amnesty scheme will re­vive the con­fi­dence of traders on tax sys­tem and the govern­ment ef­forts to fa­cil­i­tate the busi­ness com­mu­nity.

Atif Ikram Sheikh said, re­forms in tax sys­tem will en­cour­age the lo­cal and in­ter­na­tional in­vest­ment in the coun­try. Mean­while, Pres­i­dent Rawalpindi Cham­ber of Com­merce and In­dus­try (RCCI) Mian Hu­mayun Parvez wel­comed the new tax amnesty bill passed by the Lower House of the Par­lia­ment.

He said the govern­ment have taken pos­i­tive steps to evolve the con­ducive busi­ness en­vi­ron­ment and save the lo­cal small busi­ness traders in the coun­try.

The Pres­i­dent RCCI said, the tax amnesty scheme has been pro­posed by the busi­ness com­mu­nity to per­suade the non tax fil­ers to file their tax re­turns.

"We are com­mit­ted to in­crease the num­ber of tax pay­ers and en­hance the tax base for eco­nomic growth and pros­per­ity in the coun­try," said Hu­mayun. Ex-Pres­i­dent ICCI, Muz­za­mil Hus­sain Sabri in his com­ments, said that first time in coun­try's his­tory, the cur­rent govern­ment has car­ried steps to ben­e­fit the small traders and re­vive their con­fi­dence on tax sys­tem.

Be­fore this scheme, only 700,000 tax fil­ers were fil­ing their tax re­turns out of to­tal 200 mil­lions pop­u­la­tion of the coun­try, which needed more than one mil­lion in­crease to en­hance the tax to GDP ra­tio, he said. He said that af­ter the new tax amnesty scheme only di­rect tax would en­cour­age the traders to file their tax re­turns ac­cord­ingly.

Leader of Small Traders As­so­ci­a­tion Is­lam­abad, Aj­mal Baloch said, 3.5 mil­lion traders were reg­is­tered in WAPDA record and only 200,000 are pay­ing their taxes. "We par­tic­u­larly need to ed­u­cate the traders about ben­e­fits of fil­ing tax re­turns and re­vive their con­fi­dence on tax sys­tem of the coun­try." said Aj­mal Baloch.

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