Govt to Introduce New Rent Law for Islamabad – Research Snipers

Govt to Introduce New Rent Law for Islamabad

new rent law

Hammad Azhar—the Minister of State for Revenue said that a new rent law is needed for the federal capital and the government would introduce that soon before the parliament for approval, as per the reports of local media.

He was addressing a convention of traders at the Islamabad Chamber of Commerce and Industries (ICCI).

Local market representatives and a large chunk of traders attended the convention.

Speaking at the occasion, Azhar said that the government of Pakistan Tehreek-e-Insaf wanted the legislation on the new rent law to be passed however it was unable to do so in the span of last 5 years since it did not have parliamentary majority.

The minister, however, promised that the government was bent on launching it in the parliament and was hopeful that it would be passed soon.

Also Read: No Change in Rates for Tax on Cash Withdrawal

He also informed that the government was working on a simpler tax scheme for Islamabad which would be finalised and introduced in the span of next 2 weeks after consultation with the stakeholders.

He said that only two thousand shops out of twelve thousand shops were registered in the federal capital and work was being done for documenting all the shops.

The minister said that the tax base was very thin, and the earlier governments keep on piling the people already in the tax net with new or/and increased taxes for making up for the gap in the tax collection.

He said that the government of PTI is working to narrow down the budget deficit by increasing the tax base and decreasing imports.

More Read: World’s Biggest Book Sale Coming to Pakistan in April