Section 140 of Income Tax Ordinance 2001 is creating mistrust between the banks and the business community, said Lahore Chambers of Commerce and Industries (LCCI) President Ijaz A Mumtaz while demanding of the government to withdraw the section.
He said that giving powers to the FBR officials to attach/freeze bank accounts of business entities, while cases are pending in appeals, would create an environment of mutual mistrust among the business fraternity and the commercial banks.
The FBR move would not only give a negative message to the local investors but would also discourage the much-needed foreign investment, he added.
The LCCI president said that attaching/freezing of bank accounts of business entities would also bring additional hardship for the businessmen who were already battling for survival in the presence of energy crisis and high input cost of doing business.
