Islamabad: Islamabad Chamber of Commerce and Industry President Sheikh Amir Waheed has demanded the upcoming government to introduce tax reforms, reported a news source. The current system relies heavily on indirect taxation system, due to which all sectors including the real estate market and the business community are facing major problems, added Waheed.
Waheed also believes that the rise in inflation is due to the taxation system. He expressed these views while speaking to the members of Gulberg Islamabad’s Traders Welfare Association. Talking about taxes on real estate, he said that the property sector is taxed at approximately 25% which is too much for this industry that’s connected directly with cement, steel, building material, and 2,500 other industries.
He believes that tax reforms are direly needed as increase in tax percentage always bring along a rise in incidents of tax evasion. Waheed recommended that the government should reduce the tax rate as it will promote the tax culture and leave a positive impact on the economy.
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