ISLAMABAD - President of Islamabad Chamber of Commerce & Industry (ICCI) Ahmed Hassan Moughal has called upon the government to make categories of traders and announce fixed tax regime for them to facilitate them in discharging tax obligations. It a statement here on Wednesday, Ahmed Hassan Moughal said that Finance Bill 2019-20 has imposed many taxes on traders due to which they were protesting against tax measures across the country.

He urged that government should announce category-wise fixed tax regime for traders that would promote tax compliance in trading community and help in removing tax revenue of the government as well. He was of the view that fixed tax regime would minimize interaction between taxpayers and tax collectors and eliminate the chances of corruption. The ICCI President said that Finance Bill 2019 has bound manufacturers, importers, distributors and wholesalers to write CNIC numbers of purchasers on bills and also collect the amount exceeding Rs.50,000 through cheque. He said these measures have enhanced the problems for traders and urged that government should withdraw them to facilitate the trading community.

Senior Vice President ICCI Rafat Farid and Vice President Iftikhar Anwar Sethi said that government has bound all commercial importers to write selling prices on imported products while the value addition tax would be collected on retail price. They said that the traders were not happy with such decisions of the government and emphasized that government should revise them.

The SVP and VP ICCI said that under the new rules, shopkeepers and traders with sales exceeding Rs.10 million per annum will automatically become withholding tax agents and deduct 4.5 percent tax from the suppliers while they will also submit income tax returns after every six months.