Increase in rental income tax termed unjustified

Islamabad Increase in tax on rental income from fixed five per cent to 15 per cent maximum on gross rent in Budget 2008-09 should be reconsidered and brought down by the government. Muhammad Ijaz Abbasi, President Islamabad Chamber of Commerce & Industry (ICCI), stated this adding that increase in rental tax is not justified and suggested that it might be charged as 2.5, five and 7.5 per cent on the proposed slabs instead of five, 10 and 15 per cent, says a press release. The president said that initiative should be taken to broaden the tax base, instead of putting further burden on the existing taxpayers. He stated that the federal excise duty on cement has been further increased, which would also raise the price of cement and eventually the cost of construction. The business community had proposed to bring down the general... [read full story]