ISLAMABAD: Minister of State for Revenue, Muhammad Hammad Azhar has said that the Pakistan Tehreek-e-Insaf (PTI) will promulgate a consensus-based new rent law in Islamabad.
He was addressing a trader’s convention at the Islamabad Chamber of Commerce & Industry (ICCI) here on Thursday. Representatives of all local markets and large number of traders attended the convention.
Hammad Azhar said that the government was in consultation with traders of Islamabad for the last many months to introduce a flat and fixed tax regime for small traders to facilitate them in tax compliance.
He said the consultation process was now in advanced stage and soon a fixed tax rate would be introduced for small traders in Islamabad that would be replicated across the country. He said it will resolve tax issues of small traders and facilitate them in tax payment.
Dilating upon the state of economy, the Stated Minister for Revenue said that when PTI government took over, forex reserves were reducing by $1 billion per month tumbling down to $8.5 billion. However, with the efforts of the current government, forex reserves have crossed double digit and were improving.
He said current account deficit has witnessed 72% reduction and key indicators of economy were improving and it would be further strengthened.
Chairman, Standing Committee on Interior, MNA Raja Khurram Shehzad Nawaz said that a new committee comprising representatives of tenants and landlords should be formed to further improve draft rent bill and assured that after an agreement of all stakeholders, government will present new bill in parliament for its early enactment into law.
Speaking on the occasion, President ICCI Ahmed Hassan Moughal said that traders were struggling for new rent law for the last 40 years, but their demand was not met as yet. He said due to absence of rent law, 800 traders were evicted forcefully during the last few months, which showed that without rent law, future of traders was at great risk.
He said that Federal Finance Minister Asad Umar had assured the local traders that PTI government would pass new rent law and urged that he should honor his words that would be a great relief for local traders.
Senior Vice President ICCI Rafat Farid, Vice President FPCCI Muhammad Ejaz Abbasi, former Presidents ICCI Khalid Iqbal Malik & Zafar Bakhtawari, President, Islamabad Chamber of Small Traders (ICST) Saqib Taj Abbasi, President Markazi Anjumn-e-Tijaran Ajmal Baloch, Kashif Chaudhry, President Traders Association Jinnah Super Malik Rab Nawaz, President Traders Association Blue Area Yousaf Rajput, President Traders Association E-11 Sheikh Awais, President Traders Association Aabpara Market Malik Zaheer and others also spoke at the occasion.