PIAF welcomes Gov't-traders pact for documentation.

Lahore -- The Pakistan Industrial and Traders Associations Front has appreciated the government for fulfilling demands of traders by granting them a number of concessions.

Commenting on the agreement reached between the government and the small traders over the mechanism to register the businesses for taxation, PIAF Chairman Mian Nauman Kabir said the businessmen only want ease of doing business by removing all official as well as systemic impediments.

Under the agreement, committees had been formed at district and sub-district levels comprising two members from the traders and one from the government, which would assist the registration of small traders for their inclusion in the tax system, which is a right step in the right direction, he said.

'Its good news for the traders that the standard rate of minimum tax has been reduced from 1.5 to 0.5 percent and traders having turnover of up to Rs100 million shall not be required to act as a withholding agent,' he added.

The PIAF Chairman, in a joint statement along with the senior vice chairman Nasir Hameed and vice chairman Javed Iqbal, said that the government has accepted the major demand of the business community to change the basic structure and design of the tax with the help of stakeholders for documentation of the economy.

He also welcomed the direction of Prime Minister Imran Khan to abolish around 150 licenses required for various business activities at the local level in a bid to provide relief to the small traders.

According to reports, the PM has directed the provincial governments to eliminate 74 different licenses of this nature to simplify the procedure of mandatory licenses and introduce an automated system by using modern technology.

PIAF Chairman, expressing concern about the complex licensing regime, said the requirement of licenses for businesses like grocery, cloth and bakery is...