Islamabad ( ) Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce & Industry that the business community is facing many tax issues and the Corporate Tax Office should set up its Facilitation Desk in ICCI to address them. He said that the business community is the wealth creator of the country and FBR should treat it with respect and dignity instead of taking measures that create harassment in taxpayers. 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.
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 said that Sec-7E of Income Tax should be revised as tax on deemed income has created problems for the taxpayers. He said that the tax on rental income is up to 35 percent, which is very high and should be 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, Dr. Nasir Khan, Chief Commissioner, Corporate Tax Office (CTO), Islamabad said that 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. He said this while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI).
Dr. Nasir Khan said that 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 its 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 that 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.
Zikria A Zia President Islamabad Industrial Association, Mian Muhammad Ramzan Convener ICCI Tax Committee, Mian Waqas Masud, Rizwan Cheena, Ch. Muhammad Ali, Shaukat Hayat, Maqsood Tabish, Muhammad Saeed Khan and others also highlighted various tax issues including issues related to Section-4C, Sec-117 and Sec-7E. They stressed that the FBR should always avoid coercive measures and try to resolve tax issues of the business community by taking ICCI on board that would also help in improving the tax revenue as well.