LAHORE: Sheikhupura Chamber of Commerce and Industry (SCCI) has suggested that all taxable income should be brought under the tax net, including agriculture income so that everyone could enjoy equality in taxation system.
SCCI President Tariq Nazir, former presidents Amjad Nazir Butt, Tariq Mughal, Mazoor Malik and Mian Farooq ,CEO Jamal Pipe Industries, LEJA President Muhammad Sudhir Chaudhry and members were briefed during an interaction with Sheikhupura Chamber of Commerce office bearers .
They said that members of senate as well as national and provincial assemblies hardly take any interest in legislation and in enacting tax laws that can make a difference in the lives of ordinary Pakistanis. The leaders themselves defy tax laws in the country, the SCCI officials alleged. The tax directory 2014 published by the Federal Board of Revenue (FBR) gives true picture that how many elected representatives paid income tax on their part and their tax amount paid was very low as compared to their standard of living.
They said that money earned through sale and purchase of property, industrial and residential plots always turn into black money because land and properties are registered on official DC rate instead of market rate. The DC rate is far lower than the market rates. Both seller and purchaser took benefits of lower rate which generate many social and economic problems like smuggling stagnation of money out of economic circulation. There is huge difference between DC rate and market price of lands.
It is suggested that registry of land should be made on market price rate to avoid maximum portion of money to become part of black money. It will definitely encourage the source of white money.
They suggested that income tax return form should be made simplified with minimum documentation so that citizen could mention all kind of their expenses in the income tax return without any fear.
It is appreciated that after long deliberation government has issued security feature of Stamp papers with barcode and serial number for the benefits of citizen to curb fraud in courts due to misuse of old traditional stamp papers. These stamp papers are the basic reason of crime and murder of people in the society. More than fifty years old stamp papers can be used with the connivance of concerned departments for providing illegal benefits. It is pertinent to mention that old stamp paper have never been cancelled after elapse of sixty seven years after the partition.
