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Wednesday, 14 December 2011

FBR asked to address income tax issues

The Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday demanded of the Federal Board of Revenue (FBR) to address the income tax issues faced by the small traders.
Shahid Zaman Shinwari, Vice President, Islamabad Chamber of Commerce and Industry (ICCI) has said that the requirement of Form D relating to the personal expenditures of individual tax payers which includes the details of expenditures on personal phones other utilities, children education and other personal expenditures have been demanded.
Although it is a step forward for the documentation of economy but there was great trust deficit exists between the taxpayers and tax officials. Small traders are frightened as this step may also leads to tax harassment, Shahid Zaman Shinwari, has stated this in a statement.
On the demand of small traders, Islamabad Chamber of Commerce and Industry urged the FBR to take small traders in confidence so that they could file their returns and deposit the tax in the government treasury.
He emphasised on winning the public confidence by improving governance and eradicating corruption while pursuing equitable tax policies were essential for revamping tax collection system and unless some concrete measures were taken on these lines, the anxiety about not being able to pull the economy out of mounting debt and public expenditure would linger.

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