Traders asked to take benefit of Tax Amnesty Scheme to improve tax revenue of country

Islamabad, February 08, 2016 (PPI-OT): The Government has introduced Tax Amnesty Scheme for non-filers according to which they could whiten their undeclared working capital of up to Rs.50 million by paying just one per cent tax of the declared working capital for the tax year 2015 and traders should take full benefit of this scheme by paying required tax to improve the tax revenue of the country, said Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry while addressing a delegation of newly elected Traders Welfare Association, F-6 Markaz, Super Market, Islamabad. The delegation visited ICCI led by its President Shehzad Shabbir Abbasi.

Atif Ikram Sheikh thanked Muhammad Ishaq Dar, Federal Finance Minister for coming up with a good solution for traders on the issue of withholding tax on banking transactions and stressed that non-filer traders should ensure full compliance of tax amnesty scheme as government has provided them a good opportunity to come into the tax net by paying just 1% of the undeclared amount of up to Rs.50 million.

He said that CDA has started operation for removal of encroachments from Blue Area and other markets. However, he said CDA should take ICCI and concerned market unions fully on board before launching any such operation so that this issue could be tackled with consensus and businessmen could be saved from any unnecessary losses. He suggested that a Committee should be formed comprising representatives of CDA and business community to deal with the issue of encroachments.

He said business community was ready to cooperate with CDA for making the federal capital a green city, but unilateral measures should be avoided to achieve win-win solution of this problem. Sheikh Abdul Waheed, Vice President ICCI also addressed the meeting and assured the traders that ICCI would play role for redress of their key issues.

Speaking at the occasion, Shehzad Shabbir Abbasi, President, Traders Welfare Association, F-6 Markaz, Super Market, Islamabad called upon the parliament for early enactment of new Rent Control Law for peaceful resolution of rent dispute as due to delay in its passage, future of many traders was at stake.

Highlighting other issues of Super Market, he said sewerage system, foot paths, market roads, car parking and street lights etc. were needed urgent attention of CDA to upgrade the basic infrastructure in this one of the most important business centres of the federal capital. He said the foreign diplomats and other dignitaries frequently visited this area for shopping and its current state of affairs was not presenting good look, therefore, CDA should pay urgent attention for its up-gradation.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk