Lahore, July 03, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Tuesday congratulated the Federal Board of Revenue (FBR) for collecting Rs1905 billion during the last financial year despite the fact that the country remained hostage to multiple internal and external economic challenges.
In a statement issued here, the LCCI President Irfan Qaiser sheikh said that it is indeed a great achievement on the part of the Federal Board of Revenue that it successfully collected a huge revenue despite rampant power outages, an acute shortage of gas and deteriorating law and order situation.
He said that it is a historic achievement by all means by the Federal Board of Revenue and its Chairman and whole team of the FBR deserve appreciation for achieving the milestone.
The LCCI President also lauded the business community for playing their due role in helping the Federal Board of Revenue for collection of Rs 1905 billion during the last year.
“Had the energy situation been satisfactory in the country, the government would have collected even a bigger amount in shape of taxes and duties.”
Irfan Qaiser Sheikh said that The Chairman Federal Board of Revenue (FBR) should come up with a package of incentives for the business community who despite facing challenges continued their businesses and thus helped pave way for collection of a revenue of Rs 1905 billion.
He said that the business community wants of the Chairman federal Board of Revenue to press upon the State Bank of Pakistan for bringing down the interest rate to single digit that is in vogue in the developed countries around the globe. He said that the unavailability of cheaper money to the business community is coming in the way of industrialisation in the country thus hitting hard prospects of revenue collection in future.
He said that if the State Bank had acted upon the advice of Lahore Chamber of Commerce and Industry and curtailed the rate of mark-up to single digit, today the economic scenario would have been quite encouraging besides a significant cut in the rate of unemployment.
The LCCI President said that it has now proved that the private sector has both the ability and the capacity to supplement government efforts aimed at strengthening the economy therefore it should be given due role in the policy making at the FB level and all future economic policies should be evolved with its consultation.
Irfan Qaiser Sheikh also urged the FBR chairman to bring all untaxed sector into the tax net including Bakeries, Restaurants, Clinics, Hospitals, Wedding Lawns, Beauty Parlours/Saloons, Doctors, Practitioners, Lawyers and Travel Agents.
While emphasising on exploiting the true tax potential of the country, the LCCI President and said that fair and equitable tax policies are essential for revamping tax collection system and pulling the economy out of economic crisis. He stressed that the government should devise a comprehensive strategy to broaden the tax base and rationalise tax rates so that people happily contribute towards paying taxes.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854