Government Urged to Grant Traders Allowances in Upcoming Budget
Peshawar: The Sarhad Chamber of Commerce and Industry (SCCI) has called on the federal government to support merchants, including tax exemptions, exemptions from property rent, utility bills and a one-time global tax refund per school. in the next tax budget for 2021. -22 (fiscal year 22).
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The request was made by CSIC President Sherbaz Bilour, who said the chamber’s proposals had been submitted to the federal government, according to a published statement.
He said CSIC has applied for a special financial support program for companies affected by Covid-19 and to create a favorable business environment and a competitive environment between domestic and foreign investors.
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Emphasizing the end of double taxation and reducing the ratio between taxes, the head of CSIC said, special exemptions for foreign investors must be considered in order to maintain the competitiveness of the country. local industries and investors, while increasing the income of the Federal Office of Revenue (FBR).
Bilour said policies need to be changed while keeping current economic conditions in mind. In the proposals for the next budget, the head of CSIC said he has requested to use data from the National Database Registry (NADRA) to identify potential taxpayers.
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To incentivize taxpayers, a spokesperson for the department said it has offered special tax breaks at rates ranging from 15 to 20 percent.
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