ISLAMABAD: The PTI in the past had led the movement for new rent control act for Islamabad and the current government would arrange the passage of an amended bill from the parliament to promulgate a consensus-based new rent law in Islamabad.

This was stated by Muhammad Hammad Azhar, Minister of State for Revenue while addressing a Traders Convention at Islamabad Chamber of Commerce and Industry (ICCI) here on Thursday. Representatives of all local markets and large number of traders attended the convention.

Hammad Azhar said that government was in consultation with traders of Islamabad for the last many months to introduce a flat and fixed tax regime for small traders to facilitate them in tax compliance. He said the consultation process was now in advanced stage and soon a fixed tax rate would be introduced for small traders in Islamabad that would be replicated across the country.

He said it will resolve tax issues of small traders and facilitate them in tax payment. Dilating upon the state of economy, he said that when PTI government took over, forex reserves were reducing by $1 billion per month tumbling down to $8.5 billion. However, with the efforts of current government, forex reserves have crossed double digit and were improving.

He said current account deficit has witnessed 72% reduction and key indicators of economy were improving and it would be further strengthened.

Raja Khurram Shehzad Nawaz, MNA and Chairman, Standing Committee on Interior said that a new committee comprising representatives of tenants and landlords should be formed to further improve draft rent bill and assured that after agreement of all stakeholders, government will present new bill in parliament for its early enactment into law.

Ahmed Hassan Moughal, President, ICCI said that traders were struggling for new rent law for the last 40 years, but their demand was not met as yet. He said due to absence of rent law, 800 traders were evicted forcefully during the last few months, which showed that without rent law, future of traders was at great risk.

He said Asad Umar Federal Finance Minister had assured the local traders that PTI government would pass new rent law and urged that he should honor his words that would be a great relief for local traders.