Karachi, May 31, 2016 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) invited the attention of the federal finance minister (FM) Ishaq Dar to the urgent need for increasing income of senior citizens and retired persons who are barely managing to survive from monthly profits on savings and term deposits.
President UNISAME Zulfikar Thaver said with the lowering of the profit rates on deposits and savings account it is become very difficult for the senior citizens and retired persons to meet both ends meet.
He said with the increase in prices of kitchen items, medicines, clothing and others such as tuition fees and commutation expenses the senior citizens cannot afford to have one square meal a day.
He invited the kind attention of the FM that Islamic Republic of Pakistan is a welfare state and it is the responsibility of the state to set up centres for the aged where they can get subsidized supplies as in other countries of the world.
Secondly the profit on Behbood (BSC) Regular Income (RI) and National Savings Certificates (NSC) must be revised to 12% per annum on fresh deposits.
The limit of Rs 4 million on BSC must be enhanced to 5 million.
There is also a need to increase the income tax exemption limit to Rs 600000 as people earning below Rs 50000 a month do not have money left to pay taxes.
The tax on non filers is proving to be unfair as every member of society is paying tax as there is witholding tax on mobile cell calls and all items of purchases such as food, clothing and medicines are subject to some tax or the other.In other words nobody is spared from taxes and merely for not filing returns they cannot be punished. The government has their identity cards numbers and against each they know the amount of tax paid on their cell phones so this need not be made an issue. The real evaders are the smugglers and different mafias such as the land and the drug mafias and not the small under privileged segment of society.
The motor bycycle owners and small car owners must be spared and proposed increase in fuel charges must be for the big car owners above 1000 c.c.
For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Cell: +92-300-8245307, +92-321-8245307