Multan Chamber of Commerce and Industry

MULTAN,Feb 11th:Multan Chamber of Commerce and Industry (MCCI) stressed on the need for broadening tax base by bringing agriculturists and big farmers into the tax net.President MCCI Shahid Naseem Khokhar Thursday said levying withholding tax of 3.5 percent on traders and intermediaries of raw agriculture produce should also be rationalised.He said traders, intermediaries of raw agriculture produce were exempted of withholding tax through SRO.586 (1) 1991 of June 31,1991, now they have to pay 3.5 percent withholding tax vide SRO 1161(1) 2010 December 31, 2010.He was of the view that tax should be levied on the commission earned instead of levying it on the total trade. “The country is currently experiencing high inflation and impact of imposition of 3.5 percent tax on gross trade that would further increase the prices of many agriculture products,” he maintained.