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ICCI for doubling income tax threshold in budget 2016-17 May 21, 2016
Meeting at ICCI
 
Mian Abdul Manan, Member National Assembly and Chairman, Standing Committee on Parliamentary Affairs visited Islamabad Chamber of Commerce and Industry to discuss matters related to forthcoming budget and promulgation of a new rent control act Islamabad. He said that the spadework for budget 2016-17 has almost been completed and government was trying to save the common man from any adverse effects of new tax measures. He said the new budget would continue to pursue the aim of facilitating taxpayers in order to promote tax culture in the country.
 
Mian Abdul Manan said the proposals submitted by trade bodies, chambers of commerce and associations from across the country for budget 2016-17 have been given due consideration by the government and interest of business community as well as the general public would be kept in view while giving final touches to the budget document. He said that the government machinery was hectically busy in finalizing budget 2016-17 and assured that after the budget, draft bill for promulgation of a balanced rent control act in Islamabad, which was presented by him in the National Assembly, would be taken up for its early enactment into a law. 
 
Speaking at the occasion, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that due to devaluation of rupee, our currency has lost sufficient value and demanded that government should revise threshold of income tax from current level of Rs.400,000/- to make it double. He urged that threshold for tax on rental income for individuals and associations of persons under Sec-155 should also be doubled from its current level of Rs.150,000/- and rate of 10% tax on such income should be reduced to 5%. He said that 15% tax on gross rental amount for companies under Sec-155 was too high and stressed that it would be brought down to single digit level in the forthcoming budget. He said government should announce a special concessionary package for regular high taxpayers to give them a new identify in the society which will also promote better tax culture in the country.
 
He said that draft of a balanced rent law, prepared in consultation with all stakeholders, was lying with the concerned standing committee of National Assembly since long due to which rent disputes between the traders and the owners were on the rise in markets. He stressed that Mian Abdul Manan should play his role in early passage of said draft bill into rent law that will help in resolving rent disputes amicably and promoting business activities.

 
 
 
 
   
 
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