Home / Chambers of Commerce / Lahore Chamber of Commerce and Industry welcomes government’s plan to withdraw Federal Board of Revenue powers to exempt businesses from duties/taxes through Standing Revenue Orders

Lahore Chamber of Commerce and Industry welcomes government’s plan to withdraw Federal Board of Revenue powers to exempt businesses from duties/taxes through Standing Revenue Orders

Lahore, April 29, 2015 (PPI-OT): The Lahore Chamber of Commerce and Industry Wednesday welcomed the government’s plan to withdraw FBR powers to exempt businesses from duties/taxes through SROs. In a statement issued here, the LCCI President Ijaz A. Mumtaz said that this is an important move by the government that would not only boost the confidence of the local and foreign investors but would also ensure a level playing field for the all sectors of economy that were otherwise suffering due to undue favour to some particular sectors.

He said that the manufacturing sector was passing through very critical times due to unavailability of needed electricity and gas and was in dire need of handholding by the government to run their businesses. Ijaz A. Mumtaz said that cut in discretionary powers of the FBR officials was a must to create business friendly atmosphere in the country.

He said that though Chairman FBR was putting in his best efforts to make environment business conducive but some officials were misusing their discretionary powers. He said that withdrawal of Federal Board Revenue’s powers of exempting duties/taxes through SROs was an ample proof of present regime’s serious in solving the issues being faced by the trade and industry.

Ijaz A. Mumtaz said that all the leading economies were giving incentives to expedite economic activities in their respective countries. He said that such relief measures for Pakistani business doing people were need of the hour in time when almost all the businesses were facing a number of internal and external pressures.

He said that the private sector was ready to supplement all government efforts aimed at revival of economic activities in the country if they are provided breathing space. The LCCI president hoped that the discretionary powers of the FBR officials would be limited as the undue powers to FBR officials created multiple problems for the business community.

He said that unnecessary interference of tax officials in the business had increased the paperwork of traders, depriving them of peace of mind needed to focus on expansion of business. Ijaz A. Mumtaz said that president said the government should give a free hand to the business community in the larger national interests because undue interference of government officials in the business would not only promote corruption but also hinder the smooth working of the trade and industry.

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: +92-42-6368854

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