LCCI terms SRO 1012 unrealistic, unjustified

RECORDER REPORT

LAHORE: Lahore Chamber of Commerce and Industry has termed the SRO 1012 unrealistic, unjustified and urged Federal Board of Revenue to immediately withdraw it as it is bound to create more trouble for commercial importers.

LCCI President, Irfan Qaiser Sheikh, in a statement on Friday, said that the FBR must avoid issuing any such SROs without due consultation of chambers of commerce in the country for being the main stakeholders. He said that the sudden imposition of higher rate of five-percent income tax and sales tax on commercial importers has blocked clearance of raw material, thus hitting the commercial importers hard.

Sheikh feared that the SRO 1012 will have devastating effects as with the increase in tax on commercial imports, the cost of manufacturing and end product would ultimately become dearer. He said that these and other proposed increase in the tax will strangle the already crises-hit businessmen of the country. He said that LCCI feels that FBR is fast attaining the status of 'moneymaking machine', which is unjust and unethical.

"If the FBR is interested in collecting revenues, it must bring more sectors into the tax net instead of creating trouble for the registered persons who are already doing businesses in the presence of multiple internal and external challenges" he maintained.

Concluding, LCCI president said that it is very difficult to understand that why the people sitting at the helm of affairs in the board do not consult the chambers of commerce and industry in the country before issuing SROs or formulating business related policies. He urged the Federal Finance Minister, Dr Abdul Hafeez Sheikh to help withdraw the SRO 1012 that is going to spoil the very spirit of doing business and, in the prevailing worst economic conditions, the community will have no other option but to close their businesses.