ICCI calls for slashing 35 percent tax on rental income to 15 percent.

ISLAMABAD -- Tahir Abbasi, Senior Vice President, Islamabad Chamber of Commerce and Industry said that before the budget, the business community has been demanding of the government to reduce the maximum tax on rental income from 35 percent to 15 percent as it has not only increased the hardships of the business community but also encouraged tax evasion, but the government has not paid any heed to this issue in budget.

He strongly demanded that during the review of the budget, the maximum rate of tax on rental income should be reduced from 35% to 15%, which would alleviate the hardships of the business community, boost business activities and improve the tax revenue of the government as well.

Tahir Abbasi said that the government has increased the withholding tax on engineering services industry from 3% to 8% in the budget, which would affect business activities of this industry and give rise to...