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Lahore Chamber of Commerce and Industry wants end to dual taxation

Lahore, October 17, 2017 (PPI-OT): The Lahore Chamber of Commerce and Industry has urged the Punjab government to withdraw Punjab Infrastructure Development Cess (CIDC) as it is a dual tax and distressing the industries in Punjab. In a statement, the L...

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Convention against withholding tax and discretionary powers of tax officials at LCCI

Lahore, October 16, 2017 (PPI-OT): The Lahore Chamber of Commerce and Industry has demanded of the Federal Board of Revenue (FBR) to withdraw withholding tax on banking transactions and discretionary powers to the tax officials under Sales Tax Act 38-B and 40-B as these issues are lifting-up panic amongst the business community.

The demand was raised tat a trader’s convention under the umbrella of the Lahore Chamber of Commerce and Industry. The LCCI President Malik Tahir Javed, Senior Vice President Khawaja Khawar Rasheed, Amjad Ali Jawa, Nasir Hameed Khan, Tahir Manzoor Chaudhry, Fahim ur Rehman Saigol, Naeem Hanif, Muhammad Bashir and representatives of trade and industrial associations spoke on the occasion.

The LCCI President said that unjustified levies like withholding tax are discouraging the new taxpayers and obstructing the expansion of tax net. He said that Chairman Federal Board of Revenue and Chairman Senate Standing Committee on Finance and Revenue should take immediate notice of this longstanding issue that is causing trust deficit between the business community and the government.

“New strategy will be evolved if these issues are not resolved by the end of this month”, participants of the conventions said. The participants of the convention said that Section 40 and 38-B are being badly used by the FBR staff. They are visiting business premises to harass the business community.

They not only take shocking measures to raise illegal tax demands without providing any supporting document but also carry all the available records with them. The participants of the meeting were of the view that teams from tax department should visit the markets, if indispensable, but they should immediately stop harassing business community. They said that if there is an urgent need for stock taking and ascertaining the Sales Tax liability of any particular business unit, the FBR officials should take association concerned or the Lahore Chamber on board.

They said that indirect taxes are being removed gradually throughout the world here in Pakistan these are contributing around 60 percent to the revenue despite the fact that expenses on this practice are higher than the collections. All the participants said that FBR should stop harassing filers as non-filers and ones outside the tax net are not accounted for at all which discourages businesses to come into the tax net. Registered businesses are required to comply with various departments involving a lot of financial and time resources whereas unregistered businesses are free from all such hassles.

They said that there are 3.5 million registered taxpayers out of which only around 1 million file their tax returns. Government should take all the measures to ensure filing of returns by remaining 2.5 million individuals and businesses. The government claims that it always acts as a facilitator but in this scenario it is entirely otherwise.

They said that attaching bank accounts for recovery of outstanding dues is hampering business growth and tarnishing the business-friendly image of the government. They said that bank accounts should not be attached without prior notice to the taxpayer and after seeking approval in writing of Commissioner in the light of reply submitted by the taxpayer. The recovery should be after the decision of the Tribunal and not before that.

They hoped that FBR will withdraw withholding tax on banking transactions and unlimited discretionary powers to the tax official in the larger interest of the trade and industry. Earlier, participants of the convention staged a protest against withholding tax and misuse of discretionary powers.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

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Spain Embassy mulling to bring a business mission to Pakistan

Islamabad, October 16, 2017 (PPI-OT): The Economic and Commercial Attache of Spain Miguel Pena Sanchez said that Pakistan’s economy was improving despite some imbalances like current account deficit and he was considering to bring a business mission of Spain to Pakistan for B2B meetings with Pakistani counterparts. He said this while exchanging views with local business community at Islamabad Chamber of Commerce and Industry. He said that both countries should focus on developing long-term plans to explore all potential areas of mutual cooperation for further improving bilateral trade.

He said that Pakistan was mostly depending on textiles for exports and it should focus on diversifying exports to further improve trade with Spain and European countries. He said that political stability was important to attract Spanish and other countries investment in Pakistan. He stressed that Pakistan should improve its infrastructure to promote cooperation in tourism with Spain. He said there was a need to create proper channels for enhancing connectivity between private sectors of both countries and assured that he would work with Pakistani chambers of commerce to explore new areas of bilateral cooperation between Spain and Pakistan.

Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Spain enjoyed cordial political relations which should be transformed into growing trade and economic relations for achieving better results. He said that frequent exchange of trade delegations and promoting direct contacts between private sectors of Pakistan and Spain was necessary to raise awareness about potential areas of mutual cooperation between the two countries.

He said that many special economic zones would be set up under CPEC in Pakistan and Spanish investors should explore opportunities of joint ventures and investment in these zones. He said that Pakistani leather products, surgical instruments, sports goods, fruits and many other products could find good market in Spain and it should enhance its imports from Pakistan. He said Pakistan has great reserves of natural resources including marble, granite, minerals and Spanish technology and machinery could help it in producing value added products. He said Spanish olive oil and its by-products have also great demand in Pakistan.

Muhammad Naveed, Senior Vice President ICCI said that both countries have good potential to enhance cooperation between their SMEs. He said law and order situation has greatly improved in Pakistan and Spanish investors should visit Pakistan for exploring business prospects while ICCI would fully cooperate in connecting them with right counterparts.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

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Complete ban on wheat imports sought

Islamabad, October 15, 2017 (PPI-OT): Islamabad Chamber of Small Traders on Sunday sought a complete ban on import of wheat as the country is already producing a surplus for many years. Surplus wheat should not be left to rot but distributed among the ...

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Prime Minister Abbasi capable to bail out economy from mess

Karachi, October 15, 2017 (PPI-OT): The business community has full faith in the abilities of the Prime Minister Shahid Khaqan Abbasi and he can overcome the economic problems being faced by the country, a business leader said Sunday. The Prime Ministe...

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