Muhammad Naveed Malik, acting President, Islamabad Chamber of Commerce & Industry said that in the Budget 2018-19, the outgoing government had extended the threshold for income tax up to Rs.1.2 million due to which almost 80 percent of small taxpayers would go below the tax level in the next financial year.
Islamabad, (Pakistan Point News - 9th Jun, 2018) : Muhammad Naveed Malik, acting President, Islamabad Chamber of Commerce & Industry said that in the Budget 2018-19, the outgoing government had extended the threshold for income tax up to Rs.1.2 million due to which almost 80 percent of small taxpayers would go below the tax level in the next financial year. However, he said that FBR has selected many small traders through balloting for tax inquiry despite the fact that they would be exempted from tax in the next tax year.
He appealed to the Chairman FBR to accept the tax returns of selected small traders. He was talking to a delegation of Traders Welfare Association, G-13, Islamabad that visited ICCI led by Abid Hussain President and Rana Altaf Hussain Secretary. ICCI Vice President Nisar Mirza, Iftikhar Sethi, Khalid Chaudhry and others were also present at the occasion. Muhammad Naveed Malik said that the small traders were worried due to income tax issues as it was difficult for them to maintain account books.
He said that the outgoing government had taken a bold step by introducing tax amnesty scheme and increasing the threshold of income tax from 0.4 million to 1.2 million due to which the small traders and businessmen go below the tax level, but it was not wise to embarrass them by selecting them for tax inquiries. He said that the Finance Minister should take notice of this situation and tax returns of small traders should be accepted as it is.
