President of Lahore Chamber of Commerce and Industry Irfan Qaiser Sheikh Wednesday expressed his deep concerns over FBR’s stance to implement SRO 821(I) 2011 despite repeated demands of business community for the withdrawal of the said SRO. LCCI President Irfan Qaiser Sheikh in a statement said that Federal Board of Revenue must avoid implementing any such anti-industry decision without due consultation of chambers of commerce in the country for being the main stakeholders.
He said that SRO 821(I) 2011 will have devastating effect on businesses as the compulsory requirement of NTN or CNIC number of each and every purchaser or seller is practically impossible. He said given the literacy rate in the country and lack of compliance culture in general masses, it will be very difficult to obtain such personal details from buyers or sellers of the goods.
He said that these and many other proposed changes in tax returns will strangle the already crisis-hit businessmen in the country. He said Lahore Chamber of Commerce and Industry feels that Federal Board of Revenue is shifting its burden of monitoring and tracking of the tax system on business community; which is unjust and unethical.
He said that it is very difficult to understand that why the people sitting at helm of affairs at Federal Board of Revenue do not consult chambers of commerce in the country before
formulating business related policies. LCCI President said that the ongoing economic situation does not allow any type of new policymaking; rather it calls for incentives to the trade and industry for generating economic activity.
Irfan Qaiser Sheikh said due to suspension of supply of gas to the industry in Punjab a large number of industrial units had already curtailed their productions and exports in the month of December registered a decline of more than 11 per cent. He said that it is a general principle that new laws are always made and implemented in soothing economic conditions but in Pakistan the situation is totally different and FBR was trying to enforce SRO 821(I) when the entire economy was facing multiple internal and external challenges.
He urged federal finance minister Dr Abdul Hafeez Sheikh to listen to the genuine concerns of the business community and help withdraw SRO 821(I) 2011 in the larger interests of the economy.
