Lahore Chamber of Commerce and Industry termed SRO 1012 as unrealistic, unjustified and urged Federal Board of Revenue (FBR) to immediately withdraw the said SRO that is bound to create more troubles for commercial importers.
In an issued statement LCCI President Irfan Qaiser Sheikh said federal board of revenue must avoid issuing any SROs without due consultation of chambers of commerce in the country for being main stakeholders. LCCI President said sudden imposition of higher rate of 5 per cent income tax and sales tax on commercial importers has blocked clearance of raw materials; thus hitting commercial importers hard.
Irfan Qaiser Sheikh said SRO 1012 will have devastating effects as with increase in tax on commercial imports, cost of manufacturing and end product would ultimately become dearer. He said these and many other proposed increase in tax will strangle crisis-hit businessmen in the country.
Irfan Qaiser Sheikh said Lahore chamber of commerce and industry feels that federal board of revenue is fast attaining status of a money making machine which is unjust and unethical. “If FBR was interested collecting revenues, it must bring more sectors into the tax net instead of creating troubles for the registered persons who were already doing businesses in the presence of multiple internal and external challenges.”
LCCI president said it is very difficult to understand why people at helm of affairs at federal board of revenue do not consult chambers of commerce and industry in the country before issuing SROs or formulating business related policies. He urged federal finance minister Dr Abdul Hafeez Sheikh to help withdraw SRO 1012 that is going to spoil the very spirit of business. In prevailing economic conditions business community will have no other option but to stop their businesses he concluded.