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Lahore Chamber of Commerce and Industry urges Federal Board of Revenue to stop attaching business accounts in larger interest of economy

Lahore, May 25, 2016 (PPI-OT): The Lahore Chamber of Commerce and Industry has urged the Federal Board of Revenue to stop attaching business accounts in the larger interest of the economy as it is discouraging the taxpayer and hindering the expansion of tax net.

These views were expressed by the LCCI President Sheikh Muhammad Arshad while addressing a huge delegation of over 48 markets of Ferozepur Road led by Mahboob Sirki here at the Lahore Chamber of Commerce and Industry. LCCI Vice President Nasir Saeed and Chaudhry Khadam Hussain also spoke on the occasion.

Sheikh Muhammad Arshad urged the Federal Board of Revenue (FBR) and other government departments to adopt friendly approach towards the business community as without friendly business atmosphere it would be hard to bring new taxpayers into the tax net.

The LCCI President said that government is planning to increase revenue target which would not be achieved without creating business friendly atmosphere in the country. He said that issues being faced by the business community should be resolved at the earliest while FBR and other departments should avoid creating harassment amongst the business community. He said that government should introduce broad based reforms in taxations system with the consultation of private sector. He said that withholding tax regime needs to be reviews and withholding agents should be given certain incentives.

He said that there should be no interference of International Financial Institutions like IMF in the economical matters of the country to get rid of dependence on others. He also stressed the need for elimination of double taxation system and urged to balance the tax slabs. He said that there must be harmonization in federal and provincial tax regime to counter double taxation and harassment by the provincial tax authorities.

He said that due to non-collaboration between various taxation bodies like Federal Board of Revenue, Punjab Revenue Authority and Sindh Revenue Board, problems like jurisdiction dispute, non-uniformity of provincial laws are arising.

Sheikh Muhammad Arshad said that marble and granite should not be considered as luxury item and it should be given exemption from regulatory duty to help groom this industry. He urged the government to cut duty and taxes on smuggling-prone items to discourage illegal trade.

Earlier, members of the delegation urged the Federal Board of Revenue that traders, whose total audit conducted once, should be given exemption from audit for 3 to 5 years. They also called to resolve property tax and other issues at the earliest. They also demanded withdrawal of taxes and duties on import of industrial machinery. The LCCI Vice President Nasir Saeed presented the vote of thanks and assured full cooperation of the Lahore Chamber of Commerce and Industry.

Members of the delegation Mahboob Sirki, Chaudhry Khadam Hussain, Muhammad Idrees, Aamir Saeed, Saeed Sheikh, Haji Ramzan, Tanveer Magoon, Haji Khalid, Imran Younas, Naseer Khan, Mian Waqar and Tahir Mahmood Mufti also spoke on the occasion.

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

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