Business community hails Tax Amnesty Bill approved by NA

ISLAMABAD: 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.