Lahore, December 06, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Thursday supported the latest drive of the Federal Board of Revenue who has made it mandatory for the businesses to display their National Tax Number (NTN) at their place of business.
In a statement issued here, the LCCI President Farooq Iftikhar said that the FBR decision will help broaden the tax base that is the need of the hour. The display of NTN is mandatory under rule 83 of the Income Tax Rules 2002 for a person who is drawing income from business chargeable to tax and one who has been issued with an NTN Card shall display his NTN at a conspicuous site at all places of business.
The LCCI president said, that Pakistan’s economy was already facing serious challenges and is in dire need of finances to run its day to day affairs. He said that the government could generate sizeable revenue by taxing all such incomes that are presently out of tax net.
The LCCI president said that the FBR’s NTN display drive will help identify persons who are running businesses but are not paying due tax share to the national exchequer thus burdening existing taxpayers.
Farooq Iftikhar said that the Lahore Chamber of Commerce and Industry has always supported documentation of the economy for the progress and prosperity of the country and this drive would go a long way in achieving much cherished goal.
The LCCI President also urged the Chairman Federal Board of Revenue Ali Arshad Hakeem to immediately issue directions for the withdrawal of notices issued under section 153A of the Income Tax Ordinance 2001.
Farooq Iftikhar said that the FBR Chairman had made the announcement that implementation on 153 A has been deferred till 2013 in an open house discussion in the presence of Prime Minister Raja Pervaiz Ashraf and Finance Minister Dr Abdul Hafeez Sheikh. But, he said, it is very unfortunate that the notices are still being issued to the businessmen.
He said that the business community is disturbed over the situation, therefore, the Chairman FBR should stop all field offices from sending notices to this regard.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854