Govt weighing fixed tax on traders

ISLAMABAD: The government is considering fixed tax on traders in upcoming federal budget 2019/20 as it aims to improve business and broaden the tax base, a minister said on Friday.

“Traders should give their proposals to make fixed tax system successful, as the government wants to improve tax system in consultation with stakeholders and business community,” Muhammad Hammad Azhar, state minister for revenue, said in a meeting with a Islamabad Chamber of Commerce & Industry (ICCI) office bearers.

“The businessmen should come up with suggestions to address the drawbacks of taxation system and streamline it for taxpayers.” The minister stressed that traders should also come up with solid proposals to enhance the tax base of the country.

Ahmed Hassan Moughal, President ICCI, said the government should give good incentives to traders in tax matters so that those who were out of tax system should feel motivated to come into the tax net.