Traders (ICCI urges FBR to address concerns of traders about withholding tax on banking transactions)September 30, 2015
Islamabad: The traders community was feeling disturbed from the levy of 0.6 percent withholding tax on banking transactions of non-filers exceeding amount of Rs.50000/- and Federal Board of Revenue should take urgent measures to address the concerns of business community on this important issue, observed Atif Ikram Sheikh after taking over charge as President, Islamabad Chamber of Commerce and Industry for the year 2015-16.
Sheikh Pervez Ahmed assumed charge as Senior Vice President and Sheikh Abdul Waheed as Vice President, Islamabad Chamber of Commerce & Industry. The handing and taking over ceremony was held at Chamber House in the presence of a large number of business community.
Atif Ikram Sheikh said that government should consider reducing high rates of sales, withholding and other taxes and make taxation system simplified attractive and easy that would help in broadening the tax base as well as improving tax revenue of the country.
He said the recently released Global Competitiveness Index has highlighted that the tax rates and corruption were the most problematic factors for doing business in Pakistan and urged that government should address these issues on priority to pave way for promotion of business activities and encouraging more investment in the country.
He thanked Founder Group members and the local business community for posing confidence in his abilities and assured that he would concentrate on a focused agenda to promote the interests of business community.
He highlighted energy crisis, security issues, high tax rates, complicated taxation system and lengthy processes for starting business as the major factors that needed urgent attention of the government for smooth growth of business activities.
Muzzamil Hussain Sabri, M. Shakeel Munir and M. Ashfaq Hussain Chatha, outgoing President, Senior Vice President and Vice President ICCI, Founder Group Chairman Abdul Rauf Alam, Vice President FPCCI Mian Akram Farid, former Presidents ICCI Tariq Sadiq, Khalid Javed, Zubair Ahmed Malik, Mian Shaukat Masud, Khalid Iqbal Malik, M. Ejaz Abbasi and others congratulated the new Office Bearers on taking over charge and hoped that they would play more effective role for resolving the issues cause of business community.