ISLAMABAD:Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce and Industry on Thursday said that the business community was facing many tax issues and urged the Corporate Tax Office to set up its facilitation desk in ICCI to address them.
He said this while talking to Dr Nasir Khan, Chief Commissioner, Corporate Tax Office (CTO), Islamabad during his visit to Islamabad Chamber of Commerce & Industry (ICCI).
Muhammad Asghar Khan Niazi Commissioner Audit Zone, Mohy ud Din Ismail Commissioner Enforcement Zone and Hasham Malik Deputy Commissioner CTO were also present at the occasion.
He said,”The business community is the wealth creator of the country and urged the FBR to treat it with respect and dignity instead of taking measures that create harassment in taxpayers.”
Faad Waheed said that FBR should address flaws in the tax system and focus on broadening the tax base instead of a vertical tax approach, which is putting more burden on the existing taxpayers.
He urged to revise Sec-7E of Income Tax as tax on deemed income has created problems for the taxpayers.
He said,”The tax on rental income is up to 35 percent, which is very high and urged to reduced as high taxes always promote tax evasion.”
He assured that ICCI would like to work in close liaison with CTO to facilitate the business community in tax matters.
Speaking at the occasion, Chief Commissioner, Corporate Tax Office (CTO), Islamabad Dr Nasir Khan said, “The business community is playing a key role in the economic development of the country and assured that he would extend full facilitation and support to resolve hardships of taxpayers.”
He announced to set up a Facilitation Desk of CTO in the premises of ICCI to address the tax issues of the business community. He also desired to set up a hotline between his office and ICCI to ensure quick response on the problems of taxpayers.
Dr Nasir Khan said,”The tax system is being simplified to facilitate the taxpayers and enhance tax compliance.”
He said that a separate meeting with the pharmaceutical sector would be held to address tax issues.
He further assured that he would try to arrange a meeting of the representatives of industries with Chairman FBR to discuss their policy related tax issues.
He said,”CTO intends to establish a coordination mechanism with ICCI to facilitate the business community in tax matters and improve tax base in the region and assured that all highlighted tax issues would be considered for redress.”
President Islamabad Industrial Association Zikria A Zia , Convener ICCI Tax Committee Mian Muhammad Ramzan , Mian Waqas Masud and others also highlighted various tax issues including issues related to Section-4C, Sec-117 and Sec-7E.