PPI Original Text (PPI-OT) – Business community criticize amendment made by Federal Board of Revenue in Standing Revenue Order 647 (i)/2007

Lahore, May 30, 2012 (PPI-OT): Business community has severely criticized the amendment made by the Federal Board of Revenue in SRO 647 (i)/2007 through SRO 564 (i)/2012 dated 26-05-2012, before just a few days of announcement of the federal budget 2012-13.

In a press statement issued here Wednesday, Chairman Pakistan Industrial and Traders Association Front (PIAF) and LCCI former president Mian Anjum Nisar said that this amendment will create further financial burden/liquidity problem for organized sector in the country.

They said that at a time when business community was passing through critical time of the history, facing 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, FBR was busy to create more hurdles for the business doing people.

They said that the funds of the taxpayer would be blocked due to unrealistic tax policies of 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. They said that there is no such type of tax culture existed in the world which blocked the funds of the taxpayer.

The business community is expected certain tax relief in the federal budget 2012-13,but this amendment against the expectation which create hopelessness, frustration between the taxpayers before the announcement of forth coming budget.

They demanded of the Federal board of Revenue to withdraw the above mentioned amendment immediately

For more information, Contact:
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Lahore, Pakistan
Phone: (92) 42 5123522
Fax: (92) 42 5123522
Email: Info@piaf.pk

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