Islamabad: President Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed recently urged the government to slash the high tax rate on rental income to 10% in the upcoming budget, according to news sources.
The ICCI president expressed his concerns that the up to 35% tax applicable on rental income had led to an increase in rents of commercial and official outlets — becoming a source of inconvenience for many companies around the country. He said that slashing the rental income tax would boost the already struggling businesses, and also help improve the government’s tax revenue.
President Waheed further said that the imposition of 35% taxes on rental income had raised the cost of living in the capital city. He asked the government to review this tax in the next budget, and bring it down to a 10% uniform rate as a final liability. He added that the recent 8 slabs on the said tax has created difficulties for businesses and had led to a rise in the instances of tax evasion.
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