Lahore Chamber of Commerce and Industry criticises amendment in SRO 647 (i)/2007 made through SRO 564 (i)/2012 and demanded of Federal Board of Revenue to withdraw the Amendment immediately
Lahore, August 10, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Friday severely criticised the amendment in SRO 647 (i)/2007 made through SRO 564 (i)/2012 and demanded of the Federal Board of Revenue to withdraw the Amendment immediately.
The LCCI President Irfan Qaiser Sheikh was talking to a four-member businessmen delegation led by Anjum Mehmood Butt and comprised Zafir Malik, Mohammad Javaid and Amir Iftikhar.
The LCCI President said that this amendment will create further financial burden and liquidity problem for the all the businesses including the wholesalers in the country.
Irfan Qaiser Sheikh said that at a time when the business community faces a number of challenges, including prolonged energy crisis, deteriorating law and order situation, high input cost and struggling for its survival, instead of providing some relief, the revenue body is engaged in creating more hurdles for the businessmen.
He said that the funds of the taxpayers would be blocked due to unrealistic tax policies of the revenue department and the business community, to meet its working capital requirement, injects further debt from the financial institution, which ultimately increases the cost of doing business in the country.
There is no such type of tax culture existed in the world, which blocked the funds of the taxpayers, he said, adding that the business community is expecting certain tax relief in the Federal Budget 2012/13,but this amendment is against the expectation, which creates frustration between the taxpayers before the announcement of the forthcoming budget.
The LCCI President demanded of the Chairman Federal Board of Revenue to withdraw the amendment immediately to ensure relief to the masses.
The LCCI President Irfan Qaiser Sheikh also urged the Chairman FBR Ali Arshad Hakeem to visit Lahore Chamber of Commerce and Industry at the earliest.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854