Acting Chairman of Federal Board of Revenue (FBR) Mumtaz Haider Rizvi has promised to review SRO 821(I) 2011 and high rate of turnover tax, in consultation with the stakeholders. FBR Acting Chairman was talking to a seven member delegation headed by Lahore Chamber of Commerce and Industry (LCCI) President Irfan Qaiser Sheikh, other members of the delegation, included LCCI Senior Vice President Kashif Younis Meher, former Presidents Bashir A Baksh, Mohsin Raza Bukhari, Shahid Hassan Sheikh, LCCI Executive Committee Members, Rehman Aziz Chan and Husnain Reze Mirza. Mumtaz Rizvi said FBR wants to broaden tax net through facilitation to the business community and not the other way round. Therefore, he said, no anti business policy would be implemented. Since the business community has reservation over SRO 821 (I) 2011 and high rate of turnover tax, therefore, FBR was ready to discuss these issues with the stakeholders, he added. Speaking on the occasion, LCCI President Irfan Qaiser Sheikh informed Chairman FBR that the SRO 821(I) 2011 is impractical and should be withdrawn without further delay. He said formulation of policies without due consultation of the stakeholders is sheer injustice and FBR should initiate process of consultation with the private sector for true implementation of all the policies. While severely criticising SRO 821(I), LCCI President said FBR should avoid implementing SROs without consultation of the business community for being the main stakeholders. Irfan Qaiser Sheikh said LCCI feels FBR is shifting its burden of monitoring and tracking of the tax system on business community which is unjust and unethical. “If FBR was interested in broadening of tax net, it must have brought the agriculture sector 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.” Earlier, Irfan Qaiser Sheikh urged Mumtaz Rizvi to bring down the turnover tax to 0.5 per cent from existing 1 per cent, as early as possible. It would be a great relief for the business community of the country who is doing business in the presence of multiple challenges, including massive energy crisis, high input cost, etc, he explained.
