RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) Wednesday declared Finance Supplementary (Second Amendment) Bill of 2019 as ‘business-friendly.’
Talking to the Media, President RCCI Malik Shahid Saleem said despite economic crunch and a number of domestic and international challenges on different fronts, the government has announced business and people-friendly bill but it should be implemented in letter and spirit from January instead of 1st July 2019.
He said waiving off withholding tax on bank transactions for tax filers is a welcoming step of the government and it would give relief to small traders.
The President expressed hope that reduction on agriculture loans from 49% to 20% would benefit the farmers and traders related to agri sector. He lauded the exemption of small businesses from submitting withholding tax returns every month that will provide mentally relief to traders.
The business community also hailed other steps announced by the Finance Minister Asad Umer like Introduction of interest-free revolving credit of Rs5 billion (qarz-i-husna),lifting ban on purchase of vehicles for non-filers for locally manufactured cars up till 1300CC capacity,reduction of fixed tax on marriage halls from Rs20000 to Rs5,000,exemption of duties on Investment in solar panels and wind turbines for five years and removal of gas infrastructure development Cess from fertilizer production.