LCCI hails FBR for suspending Section 153A

RECORDER REPORT

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Wednesday appreciated the Federal Board of Revenue (FBR) for suspending Section 153-A of Income Tax Ordinance 2001 on its demand.

LCCI President Farooq Iftikhar, Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad in their joint statement said the LCCI was thankful to FBR Chairman Ali Arshad Hakeem for fulfilling commitment made by him at an open house discussion at the LCCI in the presence of Prime Minister Raja Pervez Ashraf and Finance Minister Abdul Hafeez Sheikh.

They said the issuance of SRO 1487 (I) 2012 would help strengthen liaison between the business community and the FBR, as a large number of businesses was in deep trouble due to repeated issuance of notices to the businessmen despite an assurance by the FBR Chairman.

The LCCI office-bearers hoped the FBR would continue to facilitate the business community in future as well for the economic well being of the country.

The notification issued by the FBR says: In exercise of the powers conferring by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal government is pleased to direct that the following further amendment shall be made in the second schedule to the said Ordinance namely: In the aforesaid schedule part 4, after clause (79), the following new clause inserted. “(80) The provision of Section 153-A shall not apply to any manufacturer till 30 June 2013.”