MULTAN, The business community of South Punjab has appreciated the government for fulfilling demands of traders by granting them a number of concessions. Commenting on the agreement reached between the government and the small traders over the mechanism to register the businesses for taxation,MCCI President Sheikh Fazal Elahi, Senior Vice President Mian Rashid Iqbal and Vice President Nadeem Ahmed said the businessmen only want ease of doing business by removing all official as well as systemic impediments.
Under the agreement, committees had been formed at district and Tehsil levels comprising two members from the traders and one from the government, which would assist the registration of small traders for their inclusion in the tax system, which is a right step in the right direction, he said. “Its good news for the traders that the standard rate of minimum tax has been reduced from 1.5 to 0.5 percent and traders having turnover of up to Rs100 million shall not be required to act as a withholding agent,” they added.
They said that the government has accepted the major demand of the business community to change the basic structure and design of the tax with the help of stakeholders for documentation of the economy. He also welcomed the direction of Prime Minister Imran Khan to abolish around 150 licenses required for various business activities at the local level in a bid to provide relief to the small traders.The PM has directed the provincial governments to eliminate 74 different licenses of this nature to simplify the procedure of mandatory licenses and introduce an automated system by using modern technology.
Under the agreement, committees had been formed at district and Tehsil levels comprising two members from the traders and one from the government, which would assist the registration of small traders for their inclusion in the tax system, which is a right step in the right direction, he said. “Its good news for the traders that the standard rate of minimum tax has been reduced from 1.5 to 0.5 percent and traders having turnover of up to Rs100 million shall not be required to act as a withholding agent,” they added.
They said that the government has accepted the major demand of the business community to change the basic structure and design of the tax with the help of stakeholders for documentation of the economy. He also welcomed the direction of Prime Minister Imran Khan to abolish around 150 licenses required for various business activities at the local level in a bid to provide relief to the small traders.The PM has directed the provincial governments to eliminate 74 different licenses of this nature to simplify the procedure of mandatory licenses and introduce an automated system by using modern technology.