After due consultation with the business community, the government will remove all irritants regarding taxation and mandatory condition of filing wealth tax return less than Rs one million has been abolished, said Faisalabad Chamber of Commerce and Industry (FCCI) President Engr Sohail Bin Rashid here. He claimed that during a meeting with Federal Minister for Finance Senator Ishaq Dar at LCCI, the minister assured that the government would remove all irritants regarding taxation after due consultation with the business community and mandatory condition of filing wealth tax return below Rs one million had been abolished. He said that the Federal Minister told that they had took over the government in the deteriorated economic conditions and was making all-out efforts to revive the economy.

He maintained that the government was taking to broaden the tax net and anybody willing to invest in the country would not be scrutinized for source of investment. He said that no access would be allowed to bank accounts of taxpayers. He said that the previous system of wealth tax return was being kept intact. However, it will be mandatory for the taxpayers to file return for a payment of above Rs one million.

He said that it was brought to the notice of Federal Minister that after 18th Amendment, provinces were authorized for receipt of services tax and notices were being served to manufacturing sector instead of services sector which was a form of double taxation and manufacturing sector could not afford to pay double taxation.

He informed that the government was subsequently requested to remove the anomaly.

Sohail Bin Rashid asserted that the Federal Minister appreciated the tax proposals put by the FCCI and said that there were inherent mistakes in the new taxation system and steps were being taken to rectify them.